Arizona is one of the largest states in the United States, It currently has a population of around 7 million people. Arizona is famed for its Sonoran Desert, Saguaro National Park and the Grand Canyon. Arizona’s cultural diversity sets its art, visuals and music apart from the rest.
With over 7 million residents, numerous multinational companies and several international financial institutions, Arizona has one of the biggest economies in the US, which is mostly reliant on transportation, health care and government sectors.
Arizona has 431 cities, some of them are incredibly luxurious and expensive. The most expensive cities in Arizona are listed below.
1. Paradise Valley
Paradise Valley is by far the most expensive city in Arizona, with the average price of homes being a staggering $3.35m. On the flip side, Paradise Valley has a median household income of $211,300, which makes Paradise Valley the wealthiest city in Arizona as well.
The current population of Paradise Valley is around 14,637. The main drivers of its economy are the luxurious resorts, 5-star hotels and tourism.
With an average home price of $989,120, Scottsdale is second on our list. It is one of the most well-known cities in Arizona and is famed for its amazing golf courses and resorts. Its economy is mainly reliant on tourism, Tourism accounts for around 40 percent of its total economic output.
Scottsdale is also one of the wealthiest cities in Arizona as well. Currently, it has a median household income of a stunning $88,213. The slogan of Scottsdale is “The West’s most Western Town” and it has an estimated population of 258,069.
3. Cave Creek
The average price of a home in Cave Creek is $830,767, making it one of the most expensive cities in Arizona. The median household income of Cave Creek is $83,787, making it one of the wealthiest cities on our list. With a small population of 5,838, Cave Creek’s per capita income is $38,070. The income to rent ratio in Cave Creek is 5.8x, which is the 5th most in Arizona.
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The average price of a home in Carefree is an incredible $818,331. The small city of Carefree has a population of just 3,927, making it the smallest city on our list. The main reason behind Carefree being just an expensive city is its geography. Being bordered by expensive cities like Scottsdale and Cave Creek makes Carefree a very attractive city to live in.
5. Fountain Hills
Located in Maricopa County, Fountain Hills is one of the most expensive cities to live in, in Arizona. The average price of a home in Fountain Hills is a stunning $761,317. Incredibly, Fountain Hills is also one of the wealthiest cities in Arizona as well, with a median household income of $85,200.
Fountain Hills has an estimated population of 25,200 and is quite well-known for its fountains. It is bordered by the Phoenix metropolitan area and Scottsdale.
Sedona has the highest home price to income ratio in Arizona right now. The average price of a home in Sedona is $729,572 and the median household income is $61,470, making Sedona a very expensive city to live in. With a population of 10,339, its economy primarily relies on transportation, education and health care.
Moreover, Tourism is also important for Sedona’s economy, hundreds of people visit Sedona very year to see the Cathedral Rock.
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7. Gold Canyon
Gold Canyon has an average price of $645,593 for its homes, making it one of the most expensive cities in Arizona. Gold Canyon’s population is 11,612 and, it falls inside Pinal County of Arizona. Gold Canyon is frequently referred to as the Gold Camp and, it got its name from weather statements. The median household income in Gold Canyon is $57,705, the median family income is a bit higher at 60,438.
8. Catalina Foothills
Located north of Tucson, in Pima County, Catalina Foothills has an estimated population of 50,796. This city is renowned for the amazing Pima Canyon, the Ventana canyon and Santa Catalina Mountains. The average price of a home in the Catalina Foothills is $640,625.
The median household income is 65,657 and the median family income is 82,675. Catalina Foothills also has the largest shopping mall in the Tucson metropolitan area, La Encantada.
The average price of a home in Wickenburg is $587,674. With a population of just 8,092 and its vast area, Wickenburg is full of upscale luxurious houses. The Vicinity Marker, Sonoran Desert and Wickenburg Town Hall are some of the most well-known places in Wickenburg. Despite being such an expensive place to live, Wickenburg is a relatively low income area with a median household income of $31,716.
Just like Paradise Valley and Scottsdale, Flagstaff is renowned all across Arizona for its luxurious amenities and fancy homes. Being one of the most well-know cities in Arizona, it is no surprise that Flagstaff is one of the most expensive cities to live in.
The city, a population of around 75,038, is surrounded by mountains and forests. The primary driver of its economy is tourism, but lumber and ranching industries also play a significant role. The average price of a home in Flagstaff is $586,538 and the median household income is $58,748.
Prescott has an estimated population of 42,785 and is located in central Arizona. The average price of a home in Prescott is $347,700, making it one of the most expensive cities in central Arizona. The median household income in Prescott is $55,734, which makes Prescott the second-least wealthy city on this list. Prescott’s historic location ‘Whiskey Row’ is renowned for its bars and music places.
12. Litchfield Park
Litchfield Park is about 20 miles to the west of Phoenix and has a population of 6,436. Litchfield Park is enriched with famous historic structures like the Litchfield Train Station and St. Thomas Mission Church. The average price of a home in Litchfield Park is $318,00, but the median household income is a staggering $83,156, which makes Litchfield one of the wealthiest cities in Arizona.
Arizona has one of the biggest economies in the US, and this economy is fueled by some of its most expensive cities. Cities like Paradise Valley, Scottsdale, Sedona, Flagstaff are full of fancy homes, high-income jobs, luxurious amenities and world-class business opportunities. These cities might be very expensive to live in, but most of them are also very wealthy as well.