5 Overpriced Arizona Retirement Towns, According to Real Estate Experts
With its warm deserts, majestic mountains and dozens of desirable towns, Arizona is a retiree’s heaven. But with the price of housing and cost of living exploding over the past several years, heaven is getting pretty pricey — at least many of the most well-known parts of it.
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Here are five towns that might be out of most retirees’ budgets, and some alternatives for each that they should consider.
Also see America’s 30 safest and wealthiest retirement towns.
Paradise Valley
Paradise Valley is, as the name implies, a small plot of paradise, with luxury living at its finest. Unfortunately, most retirees will find themselves priced out of paradise, with Zillow listing the average home value at over $3 million.
Its cost of living is also high, according to Tony Ray Baker, a leading Realtor at Re/Max Professionals in Tucson, Arizona, with over 30 years of experience. In fact, its cost of living is 13% higher than the national average.
As an alternative, he suggested Tucson, which, despite its large size, has a small-town feel and lots to do. “Tucson has tons of golf courses and was voted by UNESCO as the first City of Gastronomy in North America,” he said, noting its great mom-and-pop restaurants with authentic food and city gardens.
He added that Tucson has good healthcare access, air quality, hiking and sunshine all year. Plus, the average home value is just over $326,000, and it enjoys a cost of living that’s lower than the nation’s average.
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Sedona
It’s obvious why you’d want to retire to Sedona. The desert town is surrounded by majestic canyon walls and pine forests, and it enjoys a pleasant climate. There are even spas and galleries for retirees to enjoy. There is one issue, however, according to Holden Andrews, founder of Helpful Home Group.
“Its picturesque landscapes, sunny weather, mild winters and small-town feel make it very appealing to retirees, but the housing prices make it unattainable,” he said. According to Zillow, the average value of a Sedona home is just shy of $927,000.
Baker suggested Prescott Valley, which is only an hour away from Sedona, as an attractive alternative. “Here you get a lot of the benefits of Sedona, like beautiful nature, great hiking and sunny weather, but without the Sedona price tag,” Andrews said. According to Zillow, the average home sale price is just shy of $454,000.
Scottsdale
This luxurious Sonoran Desert destination is famous for its luxury spas and chef-driven restaurants, as well as activities and attractions. All this comes with a hefty price tag, however, with Zillow listing the average home value at more than $828,000. That, combined with a cost of living 13% higher than the national average, makes it easy for seniors to get priced out of town, said Alexei Morgado, a longtime Realtor and CEO of Lexawise, a real estate exam prep company.
A good alternative is Mesa, he said. While you won’t get a break on the cost of living here, you will keep a healthy chunk of change when you go to buy a home. Zillow lists the average home value in Mesa at just about $437,000.
Flagstaff
Ponderosa pine-rich Flagstaff is an attractive wonderland in the winter months, with snow-covered peaks and a ski resort nearby, and it has a warm desert climate in the summer. The only downside is its cost of living — 16.2% higher than the national average — and its average home value of about $654,000.
Baker suggested that active retirees eyeing Flagstaff should check out Peoria, which is just two hours away. The cost of living is still 13% higher than the national average, but the average cost of a house is just over $488,000. “You can go up into the mountains and hang out in Flagstaff. It’s an easy, flat drive,” Baker said.
Fountain Hills
This peaceful desert town east of Phoenix is popular among retirees for its many parks, shops and art galleries, as well as golf courses and hiking trails. Unfortunately, it also has a steep buy-in cost, with an average home sales price over $661,000 and a cost of living 13% above the national average.
“Retirees may be happy considering Sun City, Arizona,” Baker said. While its cost of living is the same as Phoenix, Sun City’s home prices are more affordable, with an average value of $310,000.
“Sun City was built as a fun city for adults 55 and older, which means it has a lot of recreation choices, lakes, eight golf courses, pickleball, and all the things people want to do. They don’t even have to leave these neighborhoods,” Baker said.
Editor’s note: All average home values were sourced from Zillow, and all cost of living data was sourced from BestPlaces.
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This article originally appeared on GOBankingRates.com: 5 Overpriced Arizona Retirement Towns, According to Real Estate Experts
