When looking for affordable housing, Holbrook may be the place to start. According to SmartAsset, a financial and home buying planner website, Holbrook ranks second on the list of the top 10 most affordable places to live in Arizona, preceded only by Tuba City.

The company conducted a study of housing affordability, noting that based on income, Holbrook had lower property taxes and homeowner’s insurance compared to the surrounding areas. According to the study, the average median income in Holbrook is $50,117, and when it comes to housing affordability, the average annual homeowner’s insurance was $321, with property tax averaging $633. When it comes to purchasing a home, the average annual mortgage payment is $4,203 and closing costs are $2,120. The overall affordability index was listed at 54.49.

Winslow also made the list, ranking fourth, just behind Coolidge. In Winslow, the median income is listed as $43,565, with the annual average homeowner’s insurance at $333 and property tax at $456. The average annual mortgage payment is $4,366, and closing costs were also $2,120. The overall affordability index was listed at 44.95.

Holbrook Realtor Yvonne Larson of SEI Realtors said that housing in Holbrook has been pretty steady over the years, but just recently home prices have risen slightly. “I have sold homes that range from bank owned properties as low as $30,000 on up to new builds in the mid-$190,000s.”

Dan Simmons of Simmons & Associates Realty in Winslow believes the survey doesn’t provide an accurate reflection of what’s happening in the housing market, at least in Winslow. “Yes the housing is affordable, but only for investors. Homes selling for $10,000 to $40,000 are available in Winslow, but no bank will finance that amount of money. For families that need a $25,000 home, they can’t afford a $25,000 home, because they’d have to pay cash.”

Housing costs dropped significantly after 2007 with the foreclosure of many homes in the area. When the banks foreclose on homes, they rarely invest the funds for restoration, opting instead to market them toward investors.

Larson agreed that the foreclosures affected the housing market, but noted that Holbrook didn’t have as many as other communities. “Even without the foreclosures the housing market is still affordable. A family earning around $30,000 could afford a $100,000 home and pay less per month than they would in rent,” she explained.

She noted that on average, she sells about 1.5 homes in Holbrook each month, whether to investors or to families. “We don’t have too many foreclosures left, but even with those, it’s still people investing in the community. Usually the houses bought by investors are restored and used as either a rental property or are resold.”

Recent years have seen a reduction in foreclosures, meaning that investors may not get the deals they could in the past. But if the study is accurate, investing in rural communities can still be a sound decision for families looking for affordable housing.