Tucson is relatively accessible within Arizona, and the required annual income is calculated to be around $85,000.

According to data from Redfin and Zillow, the median home price in the Tucson metro area is around $330,000, which is more than 20% lower than nearby Phoenix.

Let's do some specific calculations. With a 20% down payment, the loan principal is $264,000, and the monthly principal and interest payment at a fixed rate of 6.75% for 30 years is approximately $1,712. Applying Arizona's property tax rate of about 0.6%, the monthly property tax is estimated to be around $165, and the insurance premium is about $117, bringing the total housing cost to around $1,994 per month.

Applying the DTI 28% rule, the required monthly income is about $7,121, which translates to an annual income of approximately $85,000. The median household income in Pima County, where Tucson is located, is reported to be in the low $60,000 range according to census.gov, indicating that there is still a gap for households at the median income level.

This is clear. Tucson is definitely more affordable compared to Phoenix within Arizona, but it is not easily accessible for those with just a median income. Looking at actual listings, areas near universities or close to Korean business districts tend to be priced slightly higher than the median price.

Compared to nearby Phoenix, Tucson home prices are about 24% lower, which translates to a difference of over $2,100 in required monthly income.

This has led to a trend where some Korean households looking for a place to settle after retirement or those able to work remotely are choosing Tucson over Phoenix.

For dual-income Korean households, if each spouse earns just over $40,000, they can come close to the required income level, making it relatively easier to enter the market.

However, it is also important to consider that Tucson has a more limited job diversity compared to Phoenix.

With lower property tax rates and relatively low insurance costs, the proportion of taxes and insurance in the total housing cost is relatively small, which is another characteristic of Tucson.

In conclusion, Tucson is considered a realistic alternative for Korean households with limited budgets, especially retirees or self-employed families.