Survey shows what the average Phoenix resident can afford on a car
Jul 7, 2016, 6:43 AM | Updated: 12:48 pm
(AP Photo/Chris O'Meara)
(AP Photo/Chris O'Meara)
Shopping for cars can be both fun and devastating. On the one hand, you are about to get an upgrade from your old clunker and can finally choose something you will love to drive around.
On the other hand, you are about to write a check that could make a severe dent in your bank account, or are about to sign up to pay something off over 10 years.
Bankrate completed a survey that will give the average Phoenix resident a good balance of what price they might be able to afford, so they can have fun shopping for the car, while it won’t destroy them financially.
Based off the survey, using a median income in Phoenix of $47,929 and annual insurance rates of 811.45, the affordable price to get a car in Phoenix is $16,562.65.
Phoenix came in 21st in the highest price listed on the affordable list of the 50 biggest cities in the U.S.
San Jose, California, topped the list with an affordable price of $32,855.81, based off a median income of $87,210.
Detroit rounded out the bottom of the survey, as it has the lowest affordable price of a car for an average citizen at $6,174.03, with a median income of $25,769.
