Arizona Mortgage Calculator

Mortgage Calculator in Arizona

The median home price in Arizona is $420,000, which is 0% above the national average of $420,000. Arizona's effective property tax rate of 0.51% is 0.59 percentage points lower than the national average of 1.1%.

Metric	Arizona (AZ)	National Avg	vs National Average
Median Home Price	$420,000	$420,000	+0%
Property Tax Rate	0.51%	1.1%	-0.59%
Home Insurance (Annual)	$2,000	$2,300	-13%
State Sales Tax	5.6%	5%	+0.6%
FHA Loan Limit	$472,030	$472,030	Standard
Conforming Loan Limit	$766,550	$766,550	Standard

Homeownership in Arizona

Arizona's housing market surged dramatically during 2020-2022, pushing the Phoenix metro median past $450,000, though prices have softened somewhat since. The state's low property tax rate of 0.51% is bolstered by the fact that residential property is assessed at just 10% of full cash value. Arizona has been one of the fastest-growing states by population for over a decade, with migration from California and the Pacific Northwest continuing to support demand.

Tips for Arizona Homebuyers and Homeowners

• Arizona's residential assessment ratio of 10% means your property taxes are calculated on only 10% of the appraised value -- a $420,000 home has a tax base of just $42,000 before exemptions.
• The Maricopa County assessor reassesses properties annually, and values have risen sharply -- appeal your assessed value if it seems out of line with recent comparable sales.
• Home insurance in the Phoenix Valley is moderate around $2,000 per year, but wildland-urban interface properties in Prescott, Flagstaff, or Tucson foothills face higher wildfire surcharges.
• Arizona does not have a state estate tax, making it attractive for retirees relocating from states like Oregon or Washington where estate taxes apply at lower thresholds.

Arizona Programs and Assistance

• Arizona Industrial Development Authority (AZIDA) Home Plus Program -- offers 30-year fixed mortgages with 3-5% down payment assistance as a forgivable grant, available statewide.
• Pathway to Purchase Program -- targets buyers in specific zip codes in the Phoenix and Tucson metros, offering up to $20,000 in down payment assistance.
• Home in Five Advantage Program (Maricopa County) -- provides down payment assistance of 3-5% for buyers in Maricopa County with income up to $112,785.

Did you know? The Phoenix metro area added over 80,000 new residents per year during the early 2020s, making it one of the fastest-growing large metros in the country -- which has fundamentally reshaped the affordability landscape.