0
0
0

Sizing up from a condo to a house in Phoenix

by Emily Marek

Condominium owners looking for more space, access to outdoor areas and increased distance from neighbors often consider a detached home to be a natural upgrade. But are these upsizing dreams actually attainable?

Using data from Yardi Matrix and various realtor associations, real estate site Point2 Homes determined what it takes to move from a condominium to a single-family home in the 200 largest cities in America. In Phoenix, the median condo costs $300,000 while the median house costs $420,000. That’s a net difference of $120,000, or 40%. Given that the median income in Phoenix is $68,435, it would cost nearly two years’ salary to afford the price difference.

In nearby Scottsdale, where home prices are significantly higher, the price difference to income ratio is more than doubled at 4.7 — meaning it would take nearly five years’ salary to make the switch from condo to house.

Prospective upsizers in Peoria, Chandler, Gilbert, Surprise and Glendale can all expect to spend about two years’ salary on upgrading from condo to house, while those in Tempe and Mesa can expect to spend closer to three years’ salary.

While that’s a steep cost, homes in many of the metros on Point2 Homes’ list have much weightier values associated with sizing up: in Los Angeles, the price difference between the median condo and the median house amounts to six years’ wages. The highest noted ratio was seen in Irvine, California, where it takes nine years’ salary to afford the upgrade.

On the flip side, condo prices outweigh home prices in several large metros areas. Prospective buyers can actually expect to turn a profit when “upgrading” from a condo to a detached home in Chicago, Boston, Detroit, Memphis and Cleveland.

Read More Related to This Post

Join the conversation

New Subscribe(3)

  • This field is for validation purposes and should be left unchanged.