DID YOU KNOW?
If you had moved from Fresno, CA to Phoenix, AZ in 2015, you would now have an additional $186,379 in cash and equity.
The math for this comparison:
| Description | Fresno, CA | Phoenix, AZ | Difference |
|---|---|---|---|
| Property Value | |||
| Median Price 2015 | 210 560 | 216 405 | 5 845 |
| Median Price 2023 | 381 440 | 449 628 | 68 188 |
| Increase in Equity | 170 880 | 233 223 | 62 343 |
| Income & Expenses | |||
| Median Household Income | 63 656 | 75 731 | 12 075 |
| Cost of living factor | 105,90 | 104.30 | |
| Avg Household annual expenses (US Avg 61,334 x Cost of Living Index/100) |
77 272 | 76 105 | 1 167 |
| Tax Burden as a percent of median income (different from tax rate) | |||
| Income Tax Burden | 3,05% | 1,23% | |
| Property Tax Burden | 2,79% | 2,35% | |
| Sales Tax Burden | 3,05% | 4,04% | |
|
Total Tax Burden $
(Income Tax % x Median HH Income) + (Property Tax % x Avg Property Value) + (Salex Tax % x Annual Expenses) |
12 557 | 10 295 | 2 262 |
| Total Property Difference | 62 343 | ||
| Annual Income & Expense Difference | 15 504 | ||
| Total Income & Expense Difference (Annual x Numbers of Years) | 124 036 | ||
| Total Difference From 2015 | 186 379 | ||
The assumptions:
- Median household income in each location
- Median property price in each location
- Average US household annual expenses
- Tax burden based on percent of median income, not simply tax rate