Tempe real estate is affected by many factors. Factors affecting Tempe real estate include local and metro; demographics, economy, climate, education and lifestyle. Tempe, Arizona is a suburb of the Metropolitan Phoenix, Arizona and is located approx 20 minutes from downtown Phoenix. It is bordered to the north by Scottsdale, Arizona, to the west by Phoenix, to the east by Mesa, Arizona, and to the south by Chandler, Arizona. As a result of being landlocked and surrounded by large cities Tempe real estate enjoys solid values.
Tempe Real Estate Demographics
As of the 2005-2007 US Census Bureau’s American Community Survey estimate, there were 167,141 people, 60,024 households, and 31,515 families residing in Tempe, Arizona. The racial makeup of Tempe was 83.3% White, 22.0% Hispanic, 6.1% Asian, 3.7% Black or African American, 2.6% Native American, 0.2% Pacific Islander, 4.1% from other races.
Of the 63,602 Tempe real estate households 26.3% had children under the age of 18, 36.3% were married couples living together, and 47.5% were non-families. Individuals comprised 31.3% of all households and 4.9% had someone living alone who was 65 years of age or older. The average household size was 2.7 and the average family size was 3.42.
Tempe, Arizona‘s population is diverse with 25.9% under the age of 20, 16.3% from 20 to 24, 31.2% from 25 to 44, 19.4% from 45 to 64, and 7.2% who were 65 years of age or older. The median age was 28.3 years.
The median income for a household in the city was $47,694, and the median income for a family was $62,835. The per capita income for the city was $25,199. About 9.5% of families and 17.4% of the population were below the poverty line, including 17.6% of those under age 18 and 6.1% of those age 65 or over. The high population below the poverty line is because of the large number of university students residing in Tempe, and does not reflect the overall income of the city.
Tempe real estate is comprised of 66,501 housing units of which 49.2% were owner-occupied and 50.8 % were renter-occupied.
Tempe, Arizona's Economy
Tempe is the headquarters of US Airways and home to the main campus of Arizona State University.
Tempe, Arizona hosts the Insight Fiesta Bowl Block Party, one of the nation's largest New Year's Eve parties. The event typically has a national band heading a concert, along with several other local and national bands. Gammage Auditorium was also the site of one of the three Presidential debates in 2004, and Super Bowl XXX was played at Sun Devil Stadium. Additionally, Tempe is the spring training host city of the Los Angeles Angels of Anaheim.
Arizona Mills Mall, one of Arizona's largest shopping malls, and IKEA are near the southern border. Since Tempe Town Lake‘s completion, commercial and residential high-rise development quickly transformed the cityscape and skyline of Downtown Tempe. Mill Avenue is a shopping and entertainment destination popular with pedestrians and students is located in Downtown Tempe. The newest shopping and entertainment destination, Tempe Marketplace, delivers an interactive shopping, dining, and entertainment experience in a high-energy outdoor setting. It boasts dramatic light and laser elements, outdoor fireplaces, and unique water features, throughout its 1.3 million square feet of retail space. Located at the Loop 101 & 202 intersection, the retail destination is minutes from the surrounding communities of Phoenix, Scottsdale, Mesa, Chandler, and Gilbert, Arizona.
Tempe Real Estate and Economy
Most of Tempe is within the Tempe Elementary School District and the Tempe Union High School District; however, other portions are served by the Kyrene School District, Scottsdale Unified School District, and Mesa Public Schools. Arizona State University’s Main Campus is near Downtown Tempe and enrolls over 51,000 students. Being a college town, with such a large university, Tempe real estate values are very stable.
Sports in Tempe, Arizona
The Arizona State University Sun Devils compete in football, basketball, baseball, as well as other sports in the Pac-10 Conference of the NCAA. The Sun Devils football team plays their games at Sun Devil Stadium. Their nearest rival is the University of Arizona Wildcats, in Tucson, Arizona. These teams compete in the "Duel in the Desert" for the Territorial Cup.
Transportation for Tempe, Arizona
Ease of access to transportation helps keep Tempe real estate values high.
Freeways serving Tempe are the Interstate 10 near the western boundary, Loop 202 crossing the northern side, Loop 101 following the eastern border, and the Superstition Freeway running east-west through the center of the city.
Valley Metro buses and the METRO Light rail system serve Downtown Tempe and Arizona State University, providing transportation to Phoenix and Mesa, Arizona. The City of Tempe operates a free neighborhood circulator service called Orbit with five free shuttle routes near Arizona State University that operate seven days a week. FLASH (Free Local Area SHuttle) circulate in northern Tempe around the University.
Phoenix Sky Harbor International Airport, located 2 miles (3.2 km) northwest of Tempe, provides air service throughout North America, London, England, and various Hawaiian cities. Phoenix Sky Harbor International Airport is one of the ten busiest in the world. On a typical day:
- Nearly 1,500 aircraft arrive and depart
- About 100,000 passengers arrive and depart
- More than 700 tons of air cargo is handled