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.
Housing Market Overview
| Metric | Drexel Heights | Arizona Avg | US Average |
|---|---|---|---|
| Median Home Price | $318,090 | $340,223 | $242,182 |
| Price Trend (Annual %) | 41.3% | 12.4% | 8.2% |
| Median Gross Rent | $1,275 | $1,430 | $1,342 |
| Rent Trend (Annual %) | 4.9% | 6.3% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Drexel Heights is about 7% lower than in Arizona. Rent is about 11% lower than the Arizona average.
Median Home and Rent Price Trends
Median Home Prices, 2015-2021
Median Rent Prices, 2015-2023
Both home prices and rent are rising in Drexel Heights, up about 41.3% and 4.9% a year respectively. Home prices are changing faster.
Median rent in Drexel Heights rose about 47.4% between 2015 and 2023, from $865 to $1,275. Over the same span, rent in Arizona rose about 56.7%.
Affordability
On average, housing unit costs 4.3 yearly household incomes in Drexel Heights.
Buying the median-priced home in Drexel Heights costs roughly 20.8 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 Drexel Heights. The price-to-rent ratio in Arizona is about 19.8.
| Metric | Drexel Heights | Arizona Avg | US Average |
|---|---|---|---|
| Median Home Price | $318,090 | $340,223 | $242,182 |
| Median Household Income | $73,437 | $77,100 | $78,145 |
| Price-to-Income Ratio | 4.3 | 4.4 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2021, the median home price in Drexel Heights rose about 107.6%, while median household income rose about 52.9% 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 | Drexel Heights | Arizona Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 74.8% | 59.6% | 58.2% |
| Rental Rate | 18.1% | 29.4% | 31.3% |
| Vacancy Rate | 7.1% | 11.0% | 10.6% |
| Median Tenure (years) | 17.0 | 13.0 | 15.0 |
| Median Year Moved In | 2009 | 2013 | 2011 |
Drexel Heights has a homeownership rate of 74.8%, higher than the Arizona average of 59.6%. Its housing vacancy rate is 7.1%, compared with 11.0% in Arizona.
Housing Stock
| Metric | Drexel Heights | Arizona Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.95 people | 2.54 people | 2.54 people |
| Median Structure Built Year | 1987 | 1990 | 1978 |
| Median Number of Rooms | 5.7 | 5.3 | 5.5 |
The typical housing unit in Drexel Heights was built around 1987. On average, 3.0 people live in a home with about 5.7 rooms, staying for about 17.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Drexel Heights, Arizona.
What is the median home price in Drexel Heights, Arizona?
The median home price in Drexel Heights, Arizona is $318,090, lower than the Arizona average of $340,223.
What is the average home price in Drexel Heights, 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 Drexel Heights, Arizona?
The median gross rent in Drexel Heights, Arizona is $1,275 per month, lower than the Arizona average of $1,430.
What was the median gross rent in Drexel Heights in 2020?
In 2020, the median gross rent in Drexel Heights, Arizona was $1,076 per month.
What is the price-to-rent ratio in Drexel Heights, Arizona?
The price-to-rent ratio in Drexel Heights, Arizona is about 20.8, meaning it would take roughly 20.8 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 Drexel Heights.
Are home prices or rent rising faster in Drexel Heights, Arizona?
Both home prices and rent are rising in Drexel Heights, up about 41.3% and 4.9% a year respectively. Home prices are changing faster.
What is the homeownership rate in Drexel Heights, Arizona?
74.8% of households in Drexel Heights, Arizona own their home, higher than the Arizona average of 59.6%.
What is the vacancy rate in Drexel Heights, Arizona?
The housing vacancy rate in Drexel Heights, Arizona is 7.1%, lower than the Arizona average of 11.0%.