The typical owner-occupied home in Forest Lakes is worth about $452,800, 15% above the Arizona median of $394,500 and 36% above the national median of $332,700. Owners pay a median $2,500 a year in property taxes, about 0.55% of their home's value, higher than the Arizona rate of 0.48%. The median household earns $87,852 a year, so the median home costs 5.2 times the median income (4.9 times for Arizona). 89% of occupied homes here are lived in by their owners, and 43% of those owners still have a mortgage.
Forest Lakes at a glance
| Forest Lakes | Arizona | U.S. | |
|---|---|---|---|
| Median home value | $452,800 | $394,500 | $332,700 |
| Median property tax paid per year | $2,500 | $1,879 | $3,119 |
| Property tax as a share of value | 0.55% | 0.48% | 0.94% |
| Median household income | $87,852 | $79,964 | $80,734 |
| Homes lived in by their owners | 89% | 67% | 65% |
| Owner homes with a mortgage | 43% | 62% | 61% |
| Median monthly costs, owners with a mortgage | – | $1,803 | $1,963 |
| Those costs as a share of the owners' income | 16.7% | 20.5% | 21.0% |
| Median rent | – | $1,543 | $1,413 |
| Median year homes were built | 1987 | 1992 | 1980 |
| Vacant homes | 88.6% | 10.5% | 10.1% |
| Population | 204 | 7,378,838 | 334,922,499 |
What a typical home costs per month in Forest Lakes
At this week's average 30-year rate of 7.11%, buying the median Forest Lakes home of $452,800 with 20% down costs about $2,833 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $3,587, because the loan is bigger and FHA adds mortgage insurance.
Lenders usually want housing costs under about 28% of gross income, which means an income of roughly $121,415 for the 20%-down payment. That payment is 39% of the median Forest Lakes household income of $87,852; at that income and 20% down, the 28% guideline points to a home of about $328,000.
| Down payment | $90,560 |
|---|---|
| Loan amount | $362,240 |
| Principal and interest | $2,437 |
| Property taxes (0.55% a year) | $208 |
| Homeowners insurance (our estimate, 0.5% a year) | $189 |
| PMI | $0 |
| Total per month | $2,833 |
Change the numbers in the calculator
| Down payment | $15,848 |
|---|---|
| Loan amount | $444,599 |
| Principal and interest | $2,991 |
| Property taxes (0.55% a year) | $208 |
| Homeowners insurance (our estimate, 0.5% a year) | $189 |
| FHA mortgage insurance | $200 |
| Total per month | $3,587 |
Change the numbers in the calculator
Questions about home buying in Forest Lakes
What is the median home value in Forest Lakes?
About $452,800 for owner-occupied homes, according to the Census Bureau's 2020–2024 American Community Survey.
How much are property taxes in Forest Lakes?
Homeowners pay a median $2,500 a year, which is about 0.55% of the median home value. Your bill depends on your home's assessed value and local rates.
What income do you need to buy a home in Forest Lakes?
For the median home with 20% down at 7.11%, the payment is about $2,833 a month. Keeping that under 28% of gross income takes about $121,415 a year.
More about Forest Lakes
- Mortgage Refinance in Forest Lakes
- Debt Relief in Forest Lakes
- Home Equity Loans in Forest Lakes
- Guides and quotes for mortgage refinance on our sister site, MortgageRefinance.com
Sources: U.S. Census Bureau, American Community Survey 2020–2024 5-year estimates; Freddie Mac Primary Mortgage Market Survey, week of November 12, 2026. Estimates for small places have wide margins of error. About our data