Cave Creek Named Arizona's top affordable suburb
Source: AZCentral.com
With its Wild West legacy and open parks, Cave Creek has earned the title of Arizona's "best 
affordable suburb" in a 2010 report by Bloomberg BusinessWeek.
Cave Creek unseated Fountain Hills, which won the award last year. The magazine focused on communities where families "live well for less and enjoy good schools, low crime and reasonable commutes." Affordability and quality of living were taken into account. Cave Creek was mentioned for its cowboy cookouts, rodeos, horseback riding and 2,922-acre Cave Creek Regional Park. "I think Cave Creek combines a Thoreau type of living and nature setting along with conveniences of a modern world," Cave Creek Mayor Vincent Francia said. Francia said Cave Creek has a "very reasonable" commute and affordable living cost.
The median home price in 2009 was $325,000, according to an analysis by The Arizona Republic using data from Information Market.
Phoenix and Scottsdale median home prices last year were $90,000 and $399,000, respectively.
BusinessWeek defines suburbs as being within 25 miles of the most populated city in each state and have populations of 5,000 to 60,000, median family incomes of $51,000 to $120,000 and lower-than-average crime rates.
Other factors included low pollution, green space, well-educated residents, high family income and cost of expenditures, with affordability most heavily weighed. Places were penalized for poor weather, few children, lack of racial diversity and higher divorce rates.
Factors were measured using information from New York-based real-estate data company Onboard Informatics, according to BusinessWeek.
Cave Creek, with a population of 5,000 people, was the smallest community on the list. Francia said its Western heritage "is a moniker of Cave Creek and has been ever since its founding in 1870."
Communities can be awarded more than once, BusinessWeek spokeswoman Patti Straus said. Fountain Hills was awarded last year for its natural beauty, proximity to the McDowell Mountains and outdoor activities.
Posted at 10:00AM Mar 27, 2010 by Louisa Ward & Robyn Viktor in Real Estate | Comments[0]
