News Staff | Daily Independent
Arizona — and the West in general — is becoming an increasingly expensive place to finance a home, according to new data released this week.
A report out from financial website SmartAsset found most of Arizona’s counties are becoming increasingly costly to finance a home through a combination of higher median home values and higher interest rates.
Coconino County with Flagstaff at its center was deemed the most expensive in Arizona to finance a home, with a median home value of $500,300 at a 6.97% interest rate. That would result in a finance of more than $555,000 in interest on a home loan for a total cost more than $1.05 million over the life of the loan.
Maricopa County was close behind, with a median home value of $486,660 and a 6.93% interest rate resulting in total interest of $536,000 and total cost of more than $1.02 million over the life of the loan.
