May 27, 2022

Here’s how much home $400,000 gets you in Arizona

As remote work became widespread over the last two years, the need for more space pushed some homebuyers out of their comfort zone and into the race for a better and bigger home. So, how much home will $400,000 get you in Arizona?

With home prices reaching a national all-time high of $405,000 and an increase in the average square footage for new single-family homes, Point2 analysts wanted to look into how much home space $400,000 would buy in the nation’s 100 largest cities.

Below you have some of the key takeaways for Arizona:

• Tucson is among the top 50 largest cities with the most affordable square footage, providing more than 1,800 square feet of living space for $400,000;

• 5 large cities in Arizona also provide more than 1,300 square feet of living space for the new national median, with Glendale and Mesa offering 1,471 and 1,575, respectively;

• To put things in perspective, the cost per square foot is almost 4 times less expensive in Phoenix, Gilbert and Chandler compared to the most unaffordable markets on the list like San Francisco and Manhattan where the cost per square foot starts at $1,000;

• With its high local median price of $820,000, Scottsdale offers the least space in Arizona, $400,000 buying only 971 square feet in this city;

• Arizona has plenty of options when it comes to more space: $400 buys more than 1,000 square feet of living space in 6 of its large cities. Compare that to Seattle, Los Angeles, or San Diego, for example, where this same amount only gets you close to 700 square feet at best.