Monthly Archives: March 2017

Phoenix is One of the Fastest-Growing Cities in the Country

Mar 23, 2017

Eleven major metropolitan areas, including Phoenix, are growing at a pace of more than 1,000 persons per week, based on population estimates issued this morning by the U.S. Census Bureau.

phoenix,real,estate,2017,historicThe federal agency released July 2016 estimates for 382 metros and 3,142 counties across the nation.

American City Business Journals, the parent company of the Phoenix Business Journal, used the new federal data to calculate weekly growth rates. Phoenix landed at No. 8 on the list. The Valley’s population rose from an April 2010 total of 4.19 million to a July 2016 estimate of 4.66 million, translating into a net increase of 1,436.2 persons a week.

Topping the list was the Houston metropolitan area, which saw a net increase of 2,612.3 persons per week.

The Dallas-Fort Worth area was second with a weekly net gain of 2,474.6 persons. Rounding out the top five were the New York City, Atlanta and Miami-Fort Lauderdale metros, all with population increases larger than 1,500 persons per week.

The other metros above the weekly threshold of 1,000 were Washington, Los Angeles, Phoenix, Seattle, San Francisco-Oakland and Austin.

The analysis also identified 11 major metros that suffered population declines during the six-year span. The worst weekly loss was posted by the Cleveland area, which slipped by 21,646 persons between April 2010 and July 2016, a net drop of 66.4 per week.

Three other major metros experienced weekly net losses of more than 25 persons: Youngstown, Ohio; Pittsburgh and Scranton/Wilkes-Barre, Pa. The remaining decliners were Syracuse, N.Y.; New Haven, Conn.; Hartford; Toledo; Buffalo; Akron, Ohio; and Rochester, N.Y.

If you’re looking to relocate to the Phoenix area, contact Laura Boyajian today.

Arizona counties rank high as best places to get a mortgage

Home buyers looking to head back into the market in Arizona may do so in a state where it’s pretty decent to get a mortgage.

Historic Phoenix Home Grants

Learn How to Save Money When Owning a Historic Phoenix Home

A new SmartAsset.com look at the best counties for getting a mortgage finds those in Arizona among the tops in the country. Pinal County came in first in the state and No. 34 nationally.

The report looked at five-year borrowing costs for as a ranking measure, but also examined property taxes, loan funding rates and annual mortgage payments to determine a composite score.

While the state’s most populous counties, Maricopa and Pima, ranked well nationally they were behind the curve in the state, ranking No. 3 and No. 9 respectively.

The best counties to get a mortgage mostly reside in Florida, with six of the top 10 in the ranking in the Sunshine State.

Methodology

For many people buying a house means securing a mortgage. To determine the best places in the country to get a mortgage we looked at four factors: overall borrowing costs, ease of securing a mortgage, cheap property taxes and cheap annual mortgage payments.

To calculate the overall borrowing costs, we looked at the expected costs over the first five years of a $200,000 mortgage with a 20% down payment, including closing costs. We calculated the ease of getting a mortgage as the ratio of mortgage applications to actual mortgage originations (secured mortgages) in each county. We based annual mortgage payments on the annual principal and interest payments for a $200,000 loan in that location, using average mortgage rates in each county.

Finally, we ranked locations based on these four factors, and then averaged those rankings, giving equal weight to each factor. The areas with the lowest average rankings are the best places to get a mortgage.

Rank County Loan Funding Rate 5 Year Borrowing Costs Property Tax Annual Mortgage Payment Best Mortgage Markets Index
1 Pinal, AZ 63.16% $76,932 $12,606 $14,789 94.24
2 Gila, AZ 58.11% $76,932 $10,586 $14,789 93.08
3 Maricopa, AZ 64.40% $77,437 $9,638 $14,789 76.73
4 Coconino, AZ 62.61% $77,437 $8,294 $14,688 76.70
5 Yavapai, AZ 61.05% $77,437 $9,001 $14,789 75.54
6 Mohave, AZ 59.90% $77,437 $9,166 $14,789 74.90
7 Yuma, AZ 62.26% $77,437 $11,292 $14,884 74.74
8 Graham, AZ 56.77% $77,437 $8,009 $14,789 74.13
9 Pima, AZ 62.13% $77,437 $13,620 $14,688 73.28
10 Cochise, AZ 55.76% $77,437 $9,981 $14,789 72.47
  AZ 56.00% $77,370 $10,134 $14,775
Methodology

Sources: Mortgage Bankers Association, US Census Bureau 2015 5-Year American Community Survey, Informa, Bankrate, government websites, SmartAsset