Housing Market Overview
The median home price (often called the average home price), rent costs, affordability metrics, and housing stock characteristics for this housing market.
Median Home Price Map: Nearby Counties
Housing Market Overview
| Metric | Coconino County | Arizona Avg | US Average |
|---|---|---|---|
| Median Home Price | $488,193 | $340,223 | $242,182 |
| Price Trend (Annual %) | 14.2% | 12.4% | 8.2% |
| Median Gross Rent | $1,405 | $1,430 | $1,342 |
| Rent Trend (Annual %) | 4.6% | 6.3% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Coconino County is about 43% higher than in Arizona. Rent is about 2% lower than the Arizona average.
Median Home and Rent Price Trends
Median Home Prices, 2015-2023
Median Rent Prices, 2015-2023
Both home prices and rent are rising in Coconino County, up about 14.2% and 4.6% a year respectively. Home prices are changing faster.
Median rent in Coconino County rose about 40.2% between 2015 and 2023, from $1,002 to $1,405. Over the same span, rent in Arizona rose about 56.7%.
Affordability
On average, housing unit costs 7.0 yearly household incomes in Coconino County.
Buying the median-priced home in Coconino County costs roughly 29.0 years of rent at the median monthly rate. That is a relatively high price-to-rent ratio, which tends to favor renting over buying in Coconino County. The price-to-rent ratio in Arizona is about 19.8.
| Metric | Coconino County | Arizona Avg | US Average |
|---|---|---|---|
| Median Home Price | $488,193 | $340,223 | $242,182 |
| Median Household Income | $69,727 | $77,100 | $78,145 |
| Price-to-Income Ratio | 7.0 | 4.4 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Coconino County rose about 115.2%, while median household income rose about 44.7% between 2009 and 2023 — the home price grew faster than income.
Income Growth vs Housing Cost Growth (Year-over-Year %)
Compare income and housing cost trends.
Occupancy & Tenure
| Metric | Coconino County | Arizona Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 45.2% | 59.6% | 58.2% |
| Rental Rate | 31.6% | 29.4% | 31.3% |
| Vacancy Rate | 23.3% | 11.0% | 10.6% |
| Median Tenure (years) | 14.0 | 13.0 | 15.0 |
| Median Year Moved In | 2012 | 2013 | 2011 |
Coconino County has a homeownership rate of 45.2%, lower than the Arizona average of 59.6%. Its housing vacancy rate is 23.3%, compared with 11.0% in Arizona.
Housing Stock
| Metric | Coconino County | Arizona Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.45 people | 2.54 people | 2.54 people |
| Median Structure Built Year | 1990 | 1990 | 1978 |
| Median Number of Rooms | 4.9 | 5.3 | 5.5 |
The typical housing unit in Coconino County was built around 1990. On average, 2.4 people live in a home with about 4.9 rooms, staying for about 14.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Coconino County, Arizona.
What is the median home price in Coconino County, Arizona?
The median home price in Coconino County, Arizona is $488,193, higher than the Arizona average of $340,223.
What is the average home price in Coconino County, Arizona?
The typical home price in %s, reported as the median sale price, is %s. The median is used instead of a mathematical average because it is not skewed by a small number of very expensive or very cheap homes, so it better reflects what a typical buyer pays.
What is the median rent in Coconino County, Arizona?
The median gross rent in Coconino County, Arizona is $1,405 per month, lower than the Arizona average of $1,430.
What was the median gross rent in Coconino County in 2020?
In 2020, the median gross rent in Coconino County, Arizona was $1,185 per month.
What is the price-to-rent ratio in Coconino County, Arizona?
The price-to-rent ratio in Coconino County, Arizona is about 29.0, meaning it would take roughly 29.0 years of rent payments at the median rent to equal the median home price. That is a relatively high price-to-rent ratio, which tends to favor renting over buying in Coconino County.
Are home prices or rent rising faster in Coconino County, Arizona?
Both home prices and rent are rising in Coconino County, up about 14.2% and 4.6% a year respectively. Home prices are changing faster.
What is the homeownership rate in Coconino County, Arizona?
45.2% of households in Coconino County, Arizona own their home, lower than the Arizona average of 59.6%.
What is the vacancy rate in Coconino County, Arizona?
The housing vacancy rate in Coconino County, Arizona is 23.3%, higher than the Arizona average of 11.0%.