If you’re in the market for a new home, now is obviously the time to buy. This monumental decision requires weighing in all the factors. Well don’t look too far because a recent study shows that an upscale Ahwatukee Foothills neighborhood of our very own Phoenix, Arizona is the second-best place in the US for first-time homebuyers.
Photo: Ahwatukee Homes for sale on Cyberhomes.com
The study, by real-estate e-commerce Web site Cyberhomes.com, consisted of 7,000 US ZIP codes. The site looked at median home prices and compared them with household incomes. They then weighed in such factors as quality of schools, commute distances and job opportunities.
The city that topped Ahwatukee was Memphis, Tennessee’s 38018 ZIP code.
Cyberhomes General Manager Marty Frame said the common factor to the study’s top five ZIP codes was “sustained quality of living” long before home prices shot up and then back down because of the current economic status, according the The Arizona Republic.
The study projected Ahwatukee’s median home price in May as $256,500 and its median household income as $148,200, according to The Arizona Republic.
Frame spoke about Ahwatukee’s homeowners as having a “a pride-of-ownership,” according to The Arizona Republic.
The Top three location was awarded to Lincoln, Nebraska; Top four to Lubbock, Texas and Top 5 to Richmond, Virgina.
“[Cyberhomes] used a formula to determine the monthly house payment a typical resident could afford, based on a 30-year, fixed-rate mortgage at 5 percent interest with a 20 percent down payment. It indicated that the median Ahwatukee household could afford payments on a home valued at more than three times the median price,” according to The Arizona Republic.
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