Phoenix is a city rich with history that was inhabited by the Hohokam Indians for centuries before it was first incorporated as a city on May 3, 1881. On November 19, 1873, Judge William Berry of Prescott bought 320 acres of Phoenix property off President Grant for a total of $550. By 1880, the city had a population of 2,453. But when Southern Pacific began running trains through Phoenix on July 4, 1887, people started to move to the Valley of the Sun in droves. By 1950, the city's population grew to 106,000, making it the 99th most populous city in the country, and the area expanded to 17.1 square miles.
Phoenix's economy has changed drastically over the years as well. What used to be a farming community has transitioned into a diverse market led by industries such as tourism, business services, financial services, technology, and manufacturing. Corporate giants such as Avnet, Freeport-McMoRan, Republic Services, Magellan Health, Sprouts Farmers Market, ON Semiconductor, Knight-Swift Transportation Holdings, and Pinnacle West Capital are all based out of Phoenix.
Phoenix, AZ is a great place for affordable rent-to-own homes! With a median household income of over $60,914 and a median rent of $1,100, the Phoenix, AZ rent-to-own market is more affordable than the traditional housing market which has shown tremendous growth across the U.S. and with it, aggressive competition for home purchases. With the current housing shortage trend it can make it harder to become a homeowner, including in Phoenix, AZ. This means higher than average down payments for homes and higher qualification standards for conventional home loans. With a rent-to-own property, tenants are also buyers. You can live in the house for a set amount of time before you purchase it, meaning that you get to know the house, your neighbors, and your community before making the final purchase. This enables you and your family to make the right choice based on both information and experience. Rent-to-own is also a great alternative way to get into a home if you have bad credit or don't have enough saved for a down payment.
Phoenix, AZ is seeing rapid growth and Phoenix, AZ's' housing market remains not optimal with an average home price that is 15% above the 2023 national average. Phoenix, AZ is part of Maricopa county and taxes are an important factor to consider when purchasing a home whether through rent to own or a traditional purchase. The average tax rate as of 2023 for county Maricopa is 0.59% which is below the national average, which is 0.99%.
Phoenix is a reasonably affordable place to live. The overall cost of living in the city is 3.7% higher than the national average and 1.5% higher than the state average. Transportation, which is 10.9% higher than the state average and 17.9% higher than the rest of the country, is the only category that's considerably higher than average. You can find neighboring municipalities with lower costs, but not by much for the most part. Avondale and Sun City are 4% and 8.8% lower than Phoenix, respectively. Scottsdale is 29.5% higher than Phoenix and 33.2% higher than the U.S. average.
The median price of a home in Phoenix is $239,400, which is just under $10,000 cheaper than the state average of $249,300 and $8,200 more than the United States average of $231,200. A house in Sun City costs $180,200 on average, but they are generally smaller retirement-style homes. In Avondale, you'll pay $232,900, which is $6,500 less than Phoenix, and Scottsdale is much more expensive, with a price tag of $469,400 for an average home. Although Phoenix's housing market is slightly higher than the national average, there are plenty of affordable rent-to-own options in the city.
If you're interested in Phoenix rent-to-own homes, don't forget to consider important factors in addition to monthly living costs, such as average commute, taxes, crime rates, etc. The following are some common Phoenix statistics compared to the U.S. national average.
|Phoenix Averages||National Averages|
|One-Way Commute||25.4 minutes||26.4 minutes|
|Income Tax Rate||4.2%||4.6%|
|Median Household Income||$46,881||$53,482|
|Median Property Taxes||$1,600||$2,200|
|Median Home Cost||$239,400||$231,200|
|Median Home Age||31 years||40 years|
The earliest transportation system in Phoenix was a line of horse-drawn streetcars back in 1887. Phoenix's Sky Harbor International Airport transported 22,443,552 passengers out of the city in 2019, making it the 13th busiest airport in the nation. Phoenix also has a bus, rail, and bike-share system to help people get around the city.
When you're in the city, visit the Pueblo Grande Museum - a ruin site occupied continuously by the Hohokam Indians for 700 years beginning in the year 700. Marvel at the intricate canal system engineered and built by the local people, and explore a combination of authentic ruins and replica buildings on this historical site that encompasses 102 acres. Experience Native American history as you view ancient artifacts that include tapestries, pottery, and jewelry created by the Hohokam.
For an amazing nature experience, visit Phoenix's Desert Parks and Mountain Preserves. The city maintains over 41,000 acres of open space with more than 200 miles of trails for hiking, biking, and mountain climbing. The preserve areas are close to the city center, so when you're exhausted from a long day of natural workouts, make your way back to where you're staying to freshen up and hit the town to enjoy an excellent shopping or dining experience.
People keep moving to Phoenix because the city has so much to offer. If you enjoy sunny weather, lots of open space, an excellent economy, and a well-priced housing market, take advantage of one of Phoenix's rent-to-own home options and move to Valley of the Sun.