Austin vs Phoenix: Mortgage Cost Comparison
Thinking about buying in Austin or Phoenix? Here's a side-by-side comparison of mortgage costs in both cities.
$3,155
Austin PITI
$2,432
Phoenix PITI
$724/mo
Difference
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? Monthly payment PITI with taxes & insurance included
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? Bi-weekly payment PITI if paid every other week
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Austin vs Phoenix: Full Mortgage Comparison
Buying a home in Phoenix is $724/month cheaper based on average home prices and local costs.
| Austin, TX | Phoenix, AZ | |
|---|---|---|
| Avg. Home Price | $450,000 | $410,000 |
| Down Payment (20%) | $90,000 | $82,000 |
| Loan Amount | $360,000 | $328,000 |
| Property Tax Rate | 1.68% | 0.61% |
| Annual Property Tax | $7,560 | $2,501 |
| Annual Insurance | $3,000 | $1,800 |
| Monthly P&I | $2,275 | $2,073 |
| Monthly PITI | $3,155 | $2,432 |
| Total Interest (30yr) | $459,160 | $418,346 |
What Drives the Difference?
Home prices are the biggest factor — Austin’s average home costs $40,000 more than Phoenix’s.
Property taxes also favor Phoenix — Austin’s 1.68% rate is higher than Phoenix’s 0.61%.
Insurance is $1,200/year more in Austin.
Income Needed to Buy
Using the 28% rule (PITI under 28% of gross income):
| Austin | Phoenix | |
|---|---|---|
| Monthly PITI | $3,155 | $2,432 |
| Income needed | $135,233 | $104,211 |
Try Your Own Numbers
The calculator above is pre-filled with Austin’s averages. Adjust the values to match your situation, or try the Phoenix calculator for Phoenix-specific numbers.