The Residential and Commercial Real Estate
Market in Alabama

Home to the Grand Canyon and 11 species of rattlesnakes, Arizona is home to 6,726,624 people, according to the U.S. Census Bureau. Phoenix is the largest city with a population of 1,513,367 and a median home value of $174,100. More than 25 percent of adults living in Phoenix have a Bachelor's degree or higher. The median household income is $47,866 for Phoenix. That is slightly lower than the median household income for the state ($50,256). While 17.2 percent of people in Arizona fall below the poverty line, 21.8 percent live below that line in Phoenix. Tucson is Arizona's second largest city at 526,116. The median household income is $36,939 and the median home value comes in at $153,700. More than 65 percent of Arizonans own their own home. Approximately 20 percent live in multi-unit structures. In the large city of Phoenix, 56.8 percent of residents own their own home and 32.1 percent live in multi-unit structures. The homeownership rate in Tucson is 51.7 percent and the percentage of people living in apartments or townhouses is 33.7 percent.

With such natural wonders as the Grand Canyon, Lake Powell/Rainbow Bridge, the Petrified Forest and Painted Desert, Monument Valley, the Colorado River, and many more amazing locations, it is not surprising that Arizona has a robust tourism industry. More than 39.1 million overnight visitors spent over $19.8 billion dollars in Arizona in 2013, according to the Arizona Office of Tourism. Retail giant, Wal-Mart, is the largest employer with 17,343 employees. The U.S. government owns about 70 percent of the state's 113,990 square miles of land. The Phoenix metropolitan area ranks as the 13th largest in the country and has a Gross Domestic Product (GDP) of $201 billion. The real estate industry accounts for $31 billion of that; followed by the financial services sector with $21.3 billion.

Office Rental and Executive Suites in Phoenix, AZ

How to Become a Realtor in Arizona

The 40,717 Realtors in Arizona are licensed and governed by the Arizona Department of Real Estate (ADRE). Their office is located in Phoenix, Arizona and they require real estate license applicants be at least 18-years old. Prospective agents must successfully complete 90 classroom hours of an Arizona real estate course and complete contract writing education. After successfully passing the state exam, agents have to complete 24 hours of ADRE-approved Continuing Education courses every two years to maintain their license. Any agent applying cannot have been denied a real estate license within the previous year or had a real estate license revoked within the previous two years. Agents wishing to obtain an Arizona real estate broker license need three years of actual experience while having a broker license or to have an Arizona real estate license for the five years preceding their broker application.