AZ Big Media What professions can afford to buy a home in Arizona?

Arizona’s current popularity may have caused house price increases and limited inventory, but home ownership remains affordable for many metropolitan professionals. Tucson lets you save up pretty quickly for a down payment, while Phoenix healthcare professionals are uniquely positioned to buy a home in Arizona.

A recent study by StorageCafe found that workers in many fashionable occupations can comfortably afford to buy an average house with an average salary in metros Arizona, Tucson leaving more of them to do so than in Phoenix. Affordability is calculated based on earning at least “qualifying income” – 30% of which is enough to make monthly mortgage payments – and the ability to save a down payment in less than 5 years using 20% ​​of your revenue.

READ ALSO: Arizona Ranking: Top 10 Best Places to Live for 2022

READ ALSO: Where should I move? The best (and worst) places to live

Despite Phoenix leader in the country in terms of house price increases lately, wages haven’t necessarily kept up. Tech and media hubs in places like California and New York can still charge more. Therefore, according to the Bureau of Labor Statistics for 2021, the average income across all 58 trending occupations considered—those that are increasing in number—is $62,262 in the Valley of the Sun, or about 10% lower. than the national average. The equivalent average salary in Tucson is $56,705, about 19% below the national figure.

Phoenix favors healthcare workers and engineers

In the Phoenix metro area, 11 groups of fashionable professions can comfortably afford to buy a home in Arizona. These include senior executives, engineers, medical professionals, math experts, and managers in fields such as advertising, marketing, promotions, public relations, and sales. This is despite the fact that their average salaries are generally lower than national figures.

However, the occupational group that includes many doctors, nurses, and therapists excels in Phoenix. With an average salary of $111,495, they earn slightly more than the national average and could be saving for a down payment in 3.9 years. By contrast, they cannot easily afford to buy a home in Seattle and the larger California metros or even the emerging metros of Utah, Denver, Colorado or Boise, Idaho – in any case, they would need over five years to save a down payment.

Metro Phoenix also pays its engineers well, boasting an average income of $105,980 – barely below the national figure – saving them a down payment in 4.1 years. For engineers, the usual suspects of affordability are joined by the Boston and New York metropolitan areas. Airline workers are another group in PHX with wages close to the national figure, and for these workers Connecticut’s subways are added to the list of unaffordable places, while in Phoenix they would only need 3.7 years to save a deposit.

Tucson saves you a down payment faster

No less than 20 occupation groups can buy a home quite comfortably in Tucson. These include, in addition to professionals who might buy in Phoenix, architects, financial specialists, business experts, certain types of scientists, and supervisors of workers in a wide variety of industries.

Life scientists are a highly successful group in Tucson, earning an average of $91,758. Although that’s still about 8.6% below the national average, they can save a down payment for an average home in the area in just 3.4 years. As in Phoenix, a wide range of medical professionals, who earn an average of $98,340 in Tucson — about 10% less than the national figure — can amass the down payment quickly, in fact in just 3.2 years.

Average salaries in popular occupations in Tucson are about 9% lower than in Metro Phoenix, but the average home price in Tucson more than makes up for that. According to figures from Zillow, it is $313,199, about 27% less than in the Valley of the Sun and about 15% less than the national average. Across all hot occupation groups, the average time to save the down payment in Tucson is about 5.5 years, while in the Phoenix metro area, the equivalent figure is nearly 7 years.

In addition to all the benefits that draw people to Arizona’s big cities, it’s still possible for many professionals to buy a home in Arizona. If downtowns prove too expensive, there are of course PHX suburbs and feeder towns, and Tucson usually saves you money faster. If you have to buy a place that is smaller than ideal, self storage in Tucson and Phoenix will provide additional nearby storage space at a reasonable cost. And if you’re making career decisions right now, consider which occupations are trending and will allow you to live the dream of home ownership in Arizona.

About Gloria Turner

Check Also

AZ Big Media A record 29% of homes for sale are new construction

Twenty-nine percent of U.S. single-family homes for sale in the third quarter were new construction, …