Estimated Monthly Payment — Median Arizona Home
$2,760
Based on $420,000 home · 20% down · 6.7% APR · 30-year fixed · taxes & insurance included
Median Price
$420,000
Property Tax
0.62%
Avg. HOA
$200/mo
Median Rent
$1,600/mo
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Estimate only. Not a loan offer, approval, pre-approval, or financial advice. Actual payments and terms may vary. Consult a licensed mortgage professional before making real estate decisions.
Market Insights
About the Arizona housing market
Arizona's housing market is moderately priced for the region, with a median home price around $420,000. Phoenix is the largest metro, with Tucson a close second. Phoenix has been one of the fastest-growing US metros for over a decade, with rapid home-price appreciation tempered recently by higher mortgage rates. Arizona's effective property tax rate of 0.62% is below the national average.
The median Arizona home costs $420,000. At today's average 30-year fixed rate (6.7%) with 20% down, principal & interest works out to roughly $2,168, and the total monthly payment including taxes, insurance, and average HOA comes to approximately $2,760. First-time buyers in Arizona can explore programs through Arizona HFA.
Photo by JC Cervantes on Unsplash
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FAQ
Arizona mortgage FAQs
What's the property tax rate in Arizona?
Arizona's effective property tax rate averages about 0.62% — below the national average. On a $420,000 home, that's roughly $217/month or $2,604/year.
How much do I need to earn to afford a typical Arizona home?
Using the 28/36 rule, a buyer would need roughly $104,000–$132,000 in gross annual income to comfortably afford Arizona's $420,000 median home with 20% down at current rates.
What first-time buyer programs are available in Arizona?
Arizona Department of Housing offers the Home Plus program offering down payment assistance up to 5% and the Pathway to Purchase program for buyers in eligible neighborhoods. Eligibility typically requires being a first-time buyer with income within program limits and completing homebuyer education.
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