Let me start off by saying that “affordable” is all relative. The term “affordable housing” by the US government just means that no more than 30% of your income should go toward housing. That is, the principle payment, insurance, taxes and and HOA dues. That being said, finding affordable housing could be different for everyone. But, in the Scottsdale AZ area, the median income Is between $69,000 and $75,000. That’s a little bit higher than Arizona’s average which is $49,000. Homeownership rate is it about 68% and the median value of owner occupied homes is $378,000. This means that at a $70,000 median income no more than $21,000 per year should be spent on housing. Breaking this down even further, with principal mortgage payment, taxes and insurance, your monthly mortgage payment should be no more than $1750.
If you do the math, at a 30 year mortgage with a 4% interest rate, monthly payments including taxes and insurance should run about $1800 a month; almost average to where the income it. However, this is simply the median, and of course does not apply to everyone.
Many people looking for affordable homes in the Scottsdale area are specifically looking for homes in gated communities. There are several properties around the Scottsdale area and in higher and master-planned communities that can be considered “affordable” depending on your income.
DC Ranch is a guard gated community located in northern Scottsdale Arizona with home starting around $260,000. These home start at about 1200 ft.² and feature two and three bedrooms. This would be a great place to start if you’re looking under the $300,000 mark.
Gainey Ranch Is also another option with home starting around $205,000. However, even though this is a guard gated community, there are anywhere from 20 to 40 properties for sale typically starting about $350,000. These are single-family homes or coach or condominium style homes.
Grayhawk offers two different communities; one that is gated and one that is not. The gated community tends to offer properties a little bit higher up starting around $400,000 to $2.5 million.
McDowell Mountain Ranch is also gated and features homes built in 1995 with 26 distinct neighborhoods and 14 different builders. This is comprised of nearly 4000 unique homes starting at about $270,000. There are typically around 50 homes for sale with in this community depending on the time of year priced from around $300,000 to over $1 million.
Troon North Is a more affordable option than the master community of Troon. This is an 800 ft.² master-planned community starting from around $380,000 up to over $5 million for custom homes. There are a variety of townhomes as well a single-family residence and resell lots can start in the lower $400,000 range.
The Boulders is a small community located north of downtown Scottsdale with the lots currently starting at about $280,000. If you’ re considering building your own home, this is a great place to start. The Boulders also features villas and several distinct neighborhoods that were built in the early 1980s starting around $500,000.
Terravita It’s probably one of the more popular properties and gated communities throughout Scottsdale with home starting around $370,000. Home prices only top out at around $800,000 to this makes a good mid range gated community to choose from.
These are the primary gated communities in and around Scottsdale that meet the affordable housing according the median income. Everyone is different. If you need higher priced homes or even lower priced homes, let me know! That’s my job; finding you the right home in the proper gated community for your lifestyle and budget. I would love to help you find YOUR affordable home in Scottsdale.