In recent years, the cost of owning a home in the United States has sky-rocketed to nearly unsustainable levels. Nonetheless, there are a few locations where you can discover budget-friendly homes. Kingman, Arizona, serves as a prime illustration. Here, you can achieve your dream of becoming a homeowner without overextending your budget. But what are the factors contributing to the affordable house prices in Kingman, Arizona?
When searching for a home to purchase, various factors will impact your decision on where to reside. One of the elements you will consider is the price of houses. Homes in rural areas, such as Kingman, AZ, are less expensive compared to those in large cities such as New York and Atlanta. But is Kingman, AZ, a suitable place to live?
What are the reasons for the relatively low cost of homes in Kingman, Arizona?
6. **Other Attractions**: **Besides affordable homes, Kingman offers various attractions** **and economic opportunities**, **including low unemployment, **a robust economy** , **and expanding healthcare services**.
1. Lower cost of living in Kingman, AZ
Is Kingman, Arizona, an affordable place to reside? Indeed, Arizona ranks as one of the most affordable states in which to live. Compared to other cities in Arizona, Kingman’s cost of living is notably lower. In Kingman, essential expenses like provisions, utilities, and transportation are lower than in other locations.
You won’t need to reach further into your pocket for groceries and utility bills. Kingman, AZ, has a relatively low cost of living, which means it is mainly populated by low-income individuals. As a result, the real estate market in the area has no choice but to adapt to the needs of its residents.
2. Remoteness
When purchasing a home, many individuals typically opt for properties in thriving urban areas over remote locations. Kingman, situated in Arizona, is a remote area characterized as being relatively isolated from major cities like Phoenix, resulting in extended travel time to these destinations.
Kingman lies over 100 miles away from Las Vegas and Phoenix, the two major metropolitan areas closest to it. Those looking to escape the hustle and bustle of bustling cities and lead a quiet life may consider settling in such a remote area.
However, the distance to cities will deter those who rely on the amenities they offer. When the demand for houses is low, it drives prices down to rock-bottom levels.
3. Smaller population
One of the factors contributing to home prices reaching unaffordable levels is the large size of the population. The relatively low cost of owning a home in Kingman can be attributed to the city’s relatively small population, which numbers approximately 34,918 residents.
This population is relatively small, meaning there is little to no competition in the real estate market. Due to the low demand, property prices in this location are significantly lower than those in other cities within the state.
4. Economically viable land acquisition cost
In most cities across the United States, you will typically have to dig into your pocket rather deeply to acquire land or construct a home. The cost of purchasing a piece of land in Kingman is lower than that of other cities. Moreover, the cost of building a house is at its lowest point.
Several factors have combined to keep property prices in this area relatively affordable. Most real estate investors are drawn to Kingman because it is more economical to invest in this location compared to other areas. Budget-savvy homebuyers also view Kingman as a desirable option.
5. Fewer luxury amenities
Most cities in the United States have upscale amenities to cater to those who desire a luxurious way of life. Unfortunately, these amenities are not available in Kingman. The area primarily attracts people who prefer a straightforward and budget-friendly lifestyle.
Those who desire a luxurious lifestyle cannot afford to buy a home here as the residents’ preference is for a simple, affordable way of living, so home prices must remain modestly priced.
6. Limited employment opportunities
There are limited job opportunities in Kingman. The city’s economy is relatively small, with few major industries that drive job creation. Consequently, it is not the optimal place to purchase a home if career advancement is a priority.
If you’re seeking career advancement, you’ll need to be prepared to invest more financially in purchasing a home in a location with more favorable opportunities. This is because the area is largely comprised of retirees and individuals who can work remotely. As a result, this makes it less appealing to those in the working age demographic, thereby affecting the prices of houses in this area.
7. Lower median income
In Kingman, Arizona, the median income is $56,360, significantly lower than in other cities in the state. As a result, most residents are unable to afford expensive homes. Consequently, the local real estate market has adapted to meet the budget constraints of its residents, with lower home prices compared to other cities.
Wrapping up
What makes homes in Kingman, AZ so affordable? Several factors have combined to keep housing costs in this location extremely low. As a result, Kingman has become a magnet for home buyers with limited budgets, making it an attractive destination for those seeking affordable housing.
.co.ke published an article on the most crime-ridden areas in Phoenix, Arizona. The city is grappling with serious challenges related to criminal activity. When it comes to crime rates, different neighborhoods in Phoenix have varying levels of crime, with some areas struggling with high rates of violent and property crimes. According to reports, the southeastern regions of Phoenix, Arizona, have been found to have a significantly higher crime rate compared to other areas.
In Phoenix, Arizona, the following neighborhoods are considered most hazardous for personal safety: Central City/Central Village, Alhambra, and Maryvale. These communities experience a greater incidence of crime, including violent incidents such as shootings, theft, and physical altercations. For more detailed information, refer to this article here.
