Mortgage payment estimates, closing cost breakdowns, and homebuying data for Prescott, Arizona.
Median Home Price
$495K
Population
46K
Avg Monthly Rent
$1,520
Property Tax Rate
0.62% *
* Property tax shown is the Arizona state average effective rate. Actual rates vary by county, city, and school district — check with your local assessor for exact rates in Prescott.
Prescott vs Arizona Median
The median home price in Prescott is $495,000, which is 30% above the Arizona state median of $380,000.
Mortgage Calculator — Prescott, AZ
Pre-filled with Prescott median home price and Arizona tax/insurance rates. Adjust for your property.
Three down payment scenarios for a $495K home using Arizona's 0.62% tax rate and $2,100/yr insurance.
5% Down
$3,677/mo
Down: $24,750
Loan: $470K
P&I: $2,972
Tax: $256
Insurance: $175
PMI: $274
10% Down
$3,506/mo
Down: $49,500
Loan: $446K
P&I: $2,816
Tax: $256
Insurance: $175
PMI: $260
20% Down (No PMI)
$2,934/mo
Down: $99,000
Loan: $396K
P&I: $2,503
Tax: $256
Insurance: $175
Income needed (28% rule): $126K/year with 20% down, $150K/year with 10% down.
Rent vs Buy in Prescott
Rent
$1,520/mo
vs
Buy (10% down)
$3,506/mo
Price-to-rent ratio: 27.1 — At a ratio above 20, renting may be more economical in Prescott for shorter stays. Buying costs $1,986 more per month than renting, and it typically takes 5-7 years to break even on the transaction costs of buying.
The median home price in Prescott is $495,000, 30% above the Arizona state median of $380,000. With a population of 45,827, Prescott is a smaller market where home prices reflect strong demand and local economic factors.
Property taxes in Arizona average 0.62% annually. This low property tax rate is a significant advantage for Prescott buyers, keeping your monthly costs well below what you'd pay in higher-tax states. Homeowners insurance in Arizona runs approximately $2,100 per year. This is within the normal range nationally.
Average rent in Prescott is $1,520/month. With a price-to-rent ratio above 20, renting could be more economical in the short term — use our Rent vs Buy calculator to model your specific timeline.
Prescott is a higher-cost market. At $495K median, buyers need significant savings or strong income. Down payment assistance through Arizona's Home Plus AZ program becomes especially important.
Run a Rent vs Buy analysis
Compare total costs of renting vs buying in Prescott.