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Fountain Hills Named 'Best Affordable Suburb' in State

by Beth Duckett - Feb. 24, 2009 12:59 PM
The

Arizona

Republic

Fountain Hills has been named

Arizona

's “Best Affordable Suburb” by BusinessWeek, edging out other communities near

Phoenix

with populations of 5,000 to 60,000 people.

The accolade was featured in the national magazine's Feb. 19 online edition, “Best Affordable Suburbs in the

U.S.

2009.” Locations were reviewed for their livability, education, crime, economy and affordability, which was the most heavily weighed.

BusinessWeek chose the northeast Valley town in part due to its centerpiece fountain. The tourist magnet gushes water up to 560 feet in the air, which is higher than the

Washington

Monument

.

Other factors were the town's “natural beauty,” proximity to the

McDowell

Mountains

and outdoor activities such as boating, hiking, biking and golfing.

The median home price in Fountain Hills is $380,182, according to BusinessWeek.

Scottsdale

, by comparison, had a median price for 2008 at $476,250. The median price in

Phoenix

for that year was $160,000.

In a 2008 market study, Arizona State University Realty Studies gave Fountain Hills a housing resale affordability index of 63, compared to 106 for all of

Maricopa

County

. The highest rating was 135 for Avondale.

BusinessWeek limited the suburbs to within 25 miles of the most populated city, with median family incomes of $51,000 to $120,000 and lower-than-average crime rates. Places with bad weather, lack of diversity, high divorce rates and few children were penalized.

Fountain Hills Real Estate Update

My apologies for not writing in so long! However, I have been BUSY!! :)  Could it be that things are finally starting to turn around?  Certainly, we all hope so.  From what I can see, the homes between $200-$300K are being gobbled up fairly quickly.  Eventually, that will start to trickle up.  I believe there is a lot of pent up Buyer frustration ou there and Buyers have been waiting a long time for the housing prices to drop.  They are now recognizing the many great deals and starting to get excited again!  We still have a huge over supply of inventory that will take a long time to shake out. But a flurry of activity is exciting and long over due. If you are a buyer, just remember... the good ones still sell quickly. :)  There are currently 834 Fountain Hills homes for sale.