| Metric | Denver, CO | Phoenix, AZ |
|---|---|---|
| Median Home Price | $560,000 | $450,000 |
| 20% Down Payment | $112,000 | $90,000 |
| Loan Amount | $448,000 | $360,000 |
| P&I (6.7%, 30yr) | $2,890/mo | $2,323/mo |
| Property Tax | 0.55%/yr | 0.62%/yr |
| Total PITI Est. | $3,379/mo | $2,742/mo |
| Income Needed (36% DTI) | $112,633/yr | $91,400/yr |
| 10-Year Total Cost | $405,480 | $329,040 |
Choosing Phoenix, AZ over the alternative saves $637/month — or $7,644/year in housing costs. Over 10 years, that's $76,440 in your pocket instead of your mortgage.
But monthly payment isn't everything. Consider: job market, salary levels, appreciation potential, cost of living beyond housing, and lifestyle fit. A cheaper mortgage in a lower-income city may not actually save money if your salary drops too.
Ask Zai with your income and down payment — get a personalized city recommendation.
🏦 Ask Zai Free → 🔔 Set Affordability Alert 🎲 Geographic LotteryNot financial advice. Data estimated from public sources. Rates at 6.7%, 20% down, 30-year fixed. Actual costs vary.
🔍 Also explore: All FRC Research Tools · Zai — File Analysis · FHA State Map · Lender Stress Index
Prices and rates are widely reported. Whether a lender says yes is not. In the complete 2025 federal record, denial rates across the 100 largest FHA lenders ran from 1.8% to 78.7% — same programme, same year.
And it is not simply who applies where: standardizing on state, loan amount, income, debt-to-income and loan-to-value, applicant mix explains only a 2.7× range in expected outcomes.
CFPB HMDA 2025, computed by FinanceRateCalc. Covers the highest-volume lenders published per market, not all lenders. Historical observations, not predictions. CC BY 4.0, not independently reproduced.