Costs to buy a house in Arizona | Arizona closing costs | Arizona house buying calculator | Homeownership costs | How to save when buying a home in Arizona
If you're buying a home in Arizona at the median price of $432,850, you'll like spend anywhere from $33,350 to $119,038.
These costs of buying a home in Arizona don't include your ongoing costs after closing. These are likely to range from $1,332 to $1,781 a month.
Are these costs more than you expected? One way to make your home purchase more affordable is by working with Clever Real Estate. We can match you with a top-rated Clever agent from well-known brokerages like Century 21, Keller Williams, and more. You'll receive excellent service and could also be eligible for up to 0.5% cash back after you close! If you buy an average-priced home in Arizona that equals about $2,164!
Average cost to buy a house in Arizona
Expense | Amount |
|---|---|
$4,329 to $12,986 | |
$15,150 to $86,570 | |
$3,941 to $5,911 | |
$8,233 | |
$217 | |
$230 | |
$1,250 to $4,890 | |
Total | $33,350 to $119,038 |
Buyer closing costs in Arizona
While the other costs to buy a house in Arizona are pretty transparent, Arizona closing costs are a bit more nuanced. They're actually a series of smaller costs lumped together into one total. Here's a breakdown of all of the Arizona closing costs you'll likely pay when buying a home.
Closing cost | Amount |
|---|---|
Closing fee | $433 |
Recording fee | $30 |
Title service fees | $793 |
Origination fee | $2,164 |
Underwriting fee | $600 |
Discount points | $3,463 per point |
Lender's title insurance | $751 |
Owner's title insurance | Typically paid by seller |
Prorated property tax | Varies |
Transfer fee | No transfer tax in Arizona |
Total | $8,233 |
Keep in mind, closing costs are often negotiable. However, to win the negotiation battle, you'll need a great agent who can work out a deal with the seller. Clever can match you with a top agent in your area that can get the seller to shoulder more of the above costs.
Contact us at Clever for top agent recommendations.
Cost to buy a house in Arizona calculator
Ongoing costs of homeownership in Arizona
Unfortunately, the cost to buy a house is just the beginning. After closing, you'll officially own the home and begin paying for the ongoing costs of homeownership.
Expense | Average monthly cost |
|---|---|
Mortgage (principle and interest) | $1,970 |
Homeowners insurance | $115 |
Taxes | Varies but averages $232 statewide |
Maintenance | $360 |
Utilities | $436 |
Total | $3,114 |
Note: All numbers are estimates based on state averages and a median home value of $432,850 and a down payment of 20%. | |
Besides the expenses outlined above, you'll also want to consider private mortgage insurance (PMI) and homeowner's association (HOA) fees.
- If you pay less than 20% as a down payment on your house, you'll probably have to pay PMI monthly until you get to 20% equity. For the average Arizona homeowner, this is between $188 to $637 a month.
- Some neighborhoods have HOA fees for the care and maintenance of common areas. The national average is around $250 per month.
» MORE: The true cost of homeownership
Top ways to save money when buying a house in Arizona
1. Look into better financing options
Paying off debts and getting your credit in the best shape possible before applying for a loan will help you get a better interest rate, which will lower your monthly payments for the life of the loan.
You can also shop around to compare lenders so you get the lowest fees and interest rates available. It may be a good idea to enlist the help of a mortgage broker if you're not sure how to go about vetting lenders.
Get Pre-approved Today!
Get matched with a lender who can tell you how much house you can afford. To get started, where do you plan on buying?
2. Participate in home buyer programs Arizona
Arizona has programs for home buyers that will make entry to homeownership easier. For instance, the Arizona Industrial Development Authority’s HOME Plus program offers down payment assistance for buyers with an annual income not exceeding $122,100 and a credit score of 640 or better. Low- and very-low-income applicants can apply for the Section 502 Direct Loan Program, which can reduce the mortgage payment for a short time.
There are also a number of programs that are dependent on the city you’re buying in — check out the HUD website for more information.
» MORE: First-time home buyer programs everyone should know about
3. Partner with an expert agent
Some real estate companies, like Clever, offer home buyers a percentage of their home's price back after the sale finalizes.
That means if you work with a Clever agent, you'll not only get the expertise that helps you get the best deal possible — you could also get up to 0.5% of your home price back after closing!