Analytics built by: Location, Inc.
Raw data sources: American Community Survey (U.S. Census Bureau), U.S. Department of Housing and Urban Development, Federal Housing Finance Agency.
Methodology: NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more about Scout's Real Estate Data
With a population of 16,653, 7,558 total housing units (homes and apartments), and a median house value of $478,147, Payson real estate prices are well above average cost compared to national prices.
Single-family detached homes are the single most common housing type in Payson, accounting for 76.76% of the town's housing units. Other types of housing that are prevalent in Payson include mobile homes or trailers ( 14.43%), large apartment complexes or high rise apartments ( 4.16%), and a few duplexes, homes converted to apartments or other small apartment buildings ( 3.05%).
Owner-occupied, three and four bedroom dwellings, primarily in single-family detached homes are the most prevalent type of housing you will see in Payson. Owner-occupied housing accounts for 74.87% of Payson's homes, and 60.40% have either three or four bedrooms, which is average sized relative to America.
There is a lot of housing in Payson built from 1970 to 1999 so parts of town may have that "Brady Bunch" look of homes popular in the '70s and early '80s, although some of these houses were built up through the early '90s as well. There is also a lot of housing in Payson built between 2000 and later ( 30.20%). A lesser amount of the housing stock also hails from between 1940-1969 ( 8.63%).
Vacant housing appears to be an issue in Payson. Fully 22.31% of the housing stock is classified as vacant. Left unchecked, vacant Payson homes and apartments can be a drag on the real estate market, holding Payson real estate prices below levels they could achieve if vacant housing was absorbed into the market and became occupied. Housing vacancy rates are a useful measure to consider, along with other things, if you are a home buyer or a real estate investor.
In the last 10 years, Payson has experienced some of the highest home appreciation rates of any community in the nation. Payson real estate appreciated 140.54% over the last ten years, which is an average annual home appreciation rate of 9.17%, putting Payson in the top 10% nationally for real estate appreciation. If you are a home buyer or real estate investor, Payson definitely has a track record of being one of the best long term real estate investments in America through the last ten years.
Over the last year, Payson appreciation rates have trailed the rest of the nation. In the last twelve months, Payson's appreciation rate has been 3.31%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Payson were at 2.08%, which equates to an annual appreciation rate of 8.59%.
Relative to Arizona, our data show that Payson's latest annual appreciation rate is lower than 70% of the other cities and towns in Arizona.
One very important thing to keep in mind is that these are average appreciation rates for the town. Individual neighborhoods within Payson differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Payson - or in any city or town - that have the best track record of real estate appreciation, by the latest quarter, the last year, 2 years, 5 years, 10 years, or even since 2000, to assist you in making the best Payson real estate investment or home purchase decisions.
$478,147
for Arizona
for nation
7,558
$2,684 / per month