Average Phoenix Metro's Mortgage? (Tempe, Avondale: hardwood floors, apartments, rentals)

[ghdana]

I don't want to be disrespectful, but when I search for places on Zillow, ones that I would consider are all at least 1,000 a month mortgage. Are there figures for the metro's average mortgage? It seems like most places I like are $250,000(Tempe area).

What about nice starter housing in good area?

[Jkgourmet]

Originally Posted by ghdana

I don't want to be disrespectful, but when I search for places on Zillow, ones that I would consider are all at least 1,000 a month mortgage. Are there figures for the metro's average mortgage? It seems like most places I like are $250,000(Tempe area).

What about nice starter housing in good area?

You're not disrespectful. Just unrealistic. Tempe is a top area in the valley, with great amenities, low crime and good schools. $250k for a home is a good deal, assuming that the home is in good shape.

Stop looking at Zillow. It's out of date and skews people's brain with their inaccurate Zestimates. Try realtor.com instead.

BTW that "monthly cost" isn't real. It's based on too many assumptions for it to be meaningful. Your FIRST STEP should be a visit with a mortgage broker to determine what you qualify for, and to verify that you can get a mortgage. That will determine your price range.

[DetroitN8V]

Use this to calculate mortgage payments based on your purchase price, down payment and an estimated interest rate.

Play around with it and you'll get a better idea of what mortgage payments should realistically be. Amortization Schedule Calculator

[Ponderosa]

It would be very hard to get anything meaningful out of an average mortgage as people have all kinds of things going on like refinances, cash outs, various down payments etc. The average home price today would give you a mortgage around $1000 though. Rentals are probably in the $1300 plus range for a similar property. Many pay more, many pay less.

Nice starter housing in a good area? Try Surprise, Casa Grande, Queen Creek, Buckeye, Avondale.

[KurtAZ]

I think you would have to define "Starter Home" first...for some a $250k house is a starter home. If you are looking for something sub-$200k than you are going to have to sacrifice something...normally size or location.

[HX_Guy]

Is $1,000 for a mortgage considered a lot? I would think that's a fairly good/low mortgage considering rent for nicer apartments are easily $800+.

[nope098]

Originally Posted by KurtAZ

If you are looking for something sub-$200k than you are going to have to sacrifice something...normally size or location.

For a sub 200k home you are definitely sacrificing location

Originally Posted by HX_Guy

Is $1,000 for a mortgage considered a lot? I would think that's a fairly good/low mortgage considering rent for nicer apartments are easily $800+.

That is damn cheap. Nicer apartments are over 1,000/mo

[observer53]

Originally Posted by nope098

That is damn cheap. Nicer apartments are over 1,000/mo

Depends on definition of "nicer" and location. They can be had for the $800 range. Back to topic.

[AZJoeD]

This data is a bit old but in 2011 the average mortgage in Arizona was $185,240. At 4% interest that would put the payment at about $900+- before taxes, insurance and HOA, etc.

According to Lending Tree in 2012 the national average for a home loan is $222,261 with a $1,061 average monthly payment for a 30-year mortgage at 4 percent. Again add your taxes, etc.

Since rates have not changed significantly I would guess that the numbers are similar today, except that closing costs hasve gone up significantly especially FHA costs.

If you purchased a home with 10% down and a $185K mortgage that would put you in the $203K purchase price range. I found 14 in Tempe, some very nice. I even found several in the $150-175K that might be worth a look.

Your first step might be to speak with a lender and find out what you are qualified to pay each month. Then armed with that information you can begin your home search for the best home/area you can afford.

[new2colo]

Originally Posted by nope098

That is damn cheap. Nicer apartments are over 1,000/mo

In Arizona? When I first moved here, I had an apartment with granite countertops, hardwood floors, and stainless steel appliances for under $1,000/month. It was in Central Phoenix as well. If you think you have to pay that amount to look for somewhere nice, I think you need to look harder.