Can $150,000 buy a home in Phoenix? 

by Patrick Regan

Phoenix, Arizona, USA cityscape in downtown in the afternoon.

While $150,000 might get you a home in some pockets of the U.S., in the 50 most populous and most expensive cities you’ll probably need more than that. 

Point2homes.com examined real estate listings in the 100 largest population cities in the U.S. during the last week of March, then took the 50 communities on that list with the highest median home values and ranked them based on the percentage of available homes available for $150,000 or less. 

It found that in 25 communities, fewer than 1% of homes on the market were available for $150,000. The data further illustrates the struggle for first-time homebuyers trying to get a foot in the housing door in many of the country’s largest markets.

Three of the seven cities with the lowest percentage of $150,000 homes were in suburban Phoenix. Gilbert was at 0%, one of five communities (San Francisco, Oakland, Irvine, California, and Henderson, Nevada) where $150,000 was not enough to buy a home.

Chandler was next at just 0.13% followed by Scottsdale at 0.19%. Phoenix was No. 22 at 0.92% and Glendale ranked 24th at 0.94%.  

In Mesa, where the median home price is $442,000, 14.82% of listings were for $150,000 or less, the highest percentage on the list of 50 cities.

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