With a 150k income, you're right on target for purchasing a home in Arizona. Financial advisors recommend spending about 3 to 4 times your annual income on a home, which translates to a budget between $450,000 and $600,000.

In Phoenix, the median home price is approximately $480,000, fitting neatly within your target range. This balance ensures a wide variety of quality homes are available to you.

Additionally, other cities like Tucson and Mesa offer appealing options at around $420,000. With a property tax rate of 0.75%—amounting to roughly $3,600 per year—and a cost of living slightly below the national average, your income comfortably supports homeownership across the state.