— For a person who loves to cook, buying a $700,000 home in Phoenix would be a challenge.
But for a family of four, it’s not as hard as it might seem.
According to the U.S. Census Bureau, the median house value in Phoenix is $2.6 million, but it is estimated that one-third of all homes in the city are valued at less than $500,000.
The median price of a home in the metro area is $1,974,000, according to the National Association of Realtors.
It is a trend that many of Phoenix’s wealthiest residents have benefited from.
In the city’s suburbs, the average house price in January was $1 million, according the Realtor.com database.
In Phoenix, the city is home to about a third of the nation’s 1.2 billion millionaires.
Many of the top Phoenix residents are active in philanthropy.
Marion Anderson, the co-founder of the Phoenix Foundation, is one of the city�s richest residents.
Anderson owns a $300 million mansion that sits on the border of Phoenix and Tempe.
When Anderson moved to Phoenix in 2009, she knew she wanted to raise funds for the Phoenix Children�s Hospital.
She and her husband built the $2 million, six-bedroom mansion for $250,000 in 2005.
The foundation donated a $150,000 donation to the Children� Hospital in 2013.
Now, Anderson is hoping to raise $250 million for the Childrens Hospital, which provides children�s services and medical treatments to more than 1 million people in the Phoenix metro area.
“We are trying to reach our goal of raising $250 Million, and we want to do it all in the first year of our foundation,” Anderson said in a statement.
Phoenix has one of America�s highest poverty rates and a high unemployment rate.
In 2015, just over 3,500 people, or 5.5 percent of the population, were living in poverty, according Census Bureau data.
For the average family, $250 is more than a million dollars, according Topps Inc. data.