Home Affordability in Surprise, AZ
The median home price in Surprise is $400,000 with a median household income of $68,428. Housing is significantly stretched relative to local incomes.
Median Home Price
$400,000
Median Income
$68,428
Price-to-Income Ratio
5.8x
Est. Affordable Home
$266,000
Property Tax Rate
0.55%
Annual Property Tax
$2,200
Sales Tax Rate
7.60%
Cost of Living Index
100
Buying a Home in Surprise
Based on the 28% rule (spending no more than 28% of gross income on housing), a household earning the median income of $68,428 in Surprise can afford a monthly housing payment of approximately $1,597. This translates to a home price of roughly $266,000, which is below the median home price of $400,000 — many households may need a higher income, larger down payment, or should consider more affordable neighborhoods.
Property taxes on a median-priced home in Surprise would be approximately $2,200 per year ($183/month) at the effective rate of 0.55%.
Down Payment Scenarios
| Down Payment | Amount | Loan Amount | PMI Required |
|---|---|---|---|
| 3% | $12,000 | $388,000 | Yes |
| 5% | $20,000 | $380,000 | Yes |
| 10% | $40,000 | $360,000 | Yes |
| 20% | $80,000 | $320,000 | No |
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