With its exceptional natural beauty, economic growth, and job opportunities, Arizona is attracting new residents at a seemingly exponential rate. The state’s population is expanding daily, especially in and around metropolitan Phoenix. For those looking to invest in real estate, assessing the market conditions is crucial. An excellent place to begin is by finding out: Where are the most expensive zip codes in Arizona?
Unsurprisingly, a recent report stated that Arizona’s ten most expensive rental zip codes can be found mostly throughout Scottsdale and Phoenix. According to the U.S. Bureau of Labor Statistics, Metro Phoenix led the nation in new jobs created over the last year. Further, an estimated 200 people move to the Phoenix area per day. This population increase has created a hot real estate market for Phoenix and its surrounding communities.
Rental properties in Scottsdale’s 85254 and 85251 were found to be up more than 7% from last year. Someone looking to rent in this area can reportedly expect to pay an average of $1,764 and $1,856 per month, respectively. Close behind are Phoenix’s 85004, 85003, 85054, 85012, and 85016 area codes. Rental properties in these coveted areas are renting for approximately $1762 per month.
Finally, the study also noted Chandler’s 85286 area code. The average rent in this metro suburb was found to be $1574. Although the price is lower than some of the others in the report, a review found that Chandler has experienced an almost 9% increase from last year.
According to data collected by StreetScout, buyers looking to in Paradise Valley look to 85253, where they can find luxury properties for an average of $1.5 million. Alternatively, North Scottsdale’s 85262 and 85255 offer high-end homes in exclusive communities selling for an average of $768,900 and 708,578 in 2018. Carefree Arizona’s 85377, was also found to have more expensive upscale real estate offerings with a median price of $707,973. Other Maricopa County zip codes, 85331 (Cave Creek) and 85263 (Rio Verde), have also been reported to offer luxury properties.
Other Arizona Cities
Although Metro Phoenix has many expensive areas, communities such as Gold Canyon’s 85118, Sedona’s 86336, Catalina Foothills’ 85718, Wickenburg’s 85390, and Flagstaff’s 86001, are all suitable areas to call home. Many of the more costly neighborhoods offer gated communities, private golf courses, expansive homes with panoramic views, and other sought-after amenities.
Laura B. Bramnick is an experienced real estate attorney who knows Arizona property and can help you during every stage of your commercial or residential real estate transaction. If you are seeking an exceptional, client-driven real estate lawyer in Scottsdale, Phoenix, Sedona, and throughout the State of Arizona, contact Laura B. Bramnick to schedule your consultation.