There’s no denying that work from home has amplified homeowners’ dream for more space – but high costs and inflation are making it hard to realize. New data reveals that upsizing from a condo to a single-family home is very much possible – and even profitable – in 20 of the 200 largest cities in the U.S.
To see what cities make upsizing from condo to house easier and where do Arizona cities stand, we looked at the median household income and the median price for the two property types. We then correlated the price difference with the yearly median income to find out how many years’ worth of income it would take to close the price gap between a condo and a house.
Some highlights fro Arizona include:
- Upsizing does not come easy in Arizona, but in some major cities it feels more attainable than in others. It takes less than two years’ income to cover the price difference between a condo and a house in Phoenix, Peoria and Chandler, which boast ratios of 1.8 and 1.9;
- Tucson boasts the lowest net price difference between a condo and a house ($111,000), followed by Phoenix ($120,000) and Glendale ($160,000). These price gaps might sound like a lot, but it’s in fact less compared to other major Arizona cities;
- Upsizing does not come easy, particularly in cities where houses are about twice the median price of condos, like Scottsdale (116%), Mesa (89%) and Surprise (81%);
- Coincidentally, houses also make up the vast majority of homes for sale in Surprise (96% of listings), Gilbert (93%), and Peoria (92%);
- Upsizing in Scottsdale is far from easy. The city claims the highest ratio (4.7), meaning that it can take almost five years’ income to match the price gap between a condo and a house.
See the full data here.