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 | El Mirage | Arizona Avg | US Average |
|---|---|---|---|
| Median Home Price | $239,092 | $340,223 | $242,182 |
| Price Trend (Annual %) | 9.0% | 12.4% | 8.2% |
| Median Gross Rent | $1,678 | $1,430 | $1,342 |
| Rent Trend (Annual %) | 6.4% | 6.3% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in El Mirage is about 30% lower than in Arizona. Rent is about 17% higher 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 El Mirage, up about 9.0% and 6.4% a year respectively. Home prices are changing faster.
Median rent in El Mirage rose about 55.7% between 2015 and 2023, from $1,078 to $1,678. Over the same span, rent in Arizona rose about 56.7%.
Affordability
On average, housing unit costs 3.2 yearly household incomes in El Mirage.
Buying the median-priced home in El Mirage costs roughly 11.9 years of rent at the median monthly rate. That is a relatively low price-to-rent ratio, which tends to favor buying over renting in El Mirage. The price-to-rent ratio in Arizona is about 19.8.
| Metric | El Mirage | Arizona Avg | US Average |
|---|---|---|---|
| Median Home Price | $239,092 | $340,223 | $242,182 |
| Median Household Income | $74,530 | $77,100 | $78,145 |
| Price-to-Income Ratio | 3.2 | 4.4 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in El Mirage rose about 321.4%, while median household income rose about 58.4% 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 | El Mirage | Arizona Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 65.1% | 59.6% | 58.2% |
| Rental Rate | 28.9% | 29.4% | 31.3% |
| Vacancy Rate | 6.0% | 11.0% | 10.6% |
| Median Tenure (years) | 13.0 | 13.0 | 15.0 |
| Median Year Moved In | 2013 | 2013 | 2011 |
El Mirage has a homeownership rate of 65.1%, higher than the Arizona average of 59.6%. Its housing vacancy rate is 6.0%, compared with 11.0% in Arizona.
Housing Stock
| Metric | El Mirage | Arizona Avg | US Average |
|---|---|---|---|
| Average Household Size | 3.22 people | 2.54 people | 2.54 people |
| Median Structure Built Year | 2000 | 1990 | 1978 |
| Median Number of Rooms | 5.5 | 5.3 | 5.5 |
The typical housing unit in El Mirage was built around 2000. On average, 3.2 people live in a home with about 5.5 rooms, staying for about 13.0 years on average.
Frequently Asked Questions
Common questions about the housing market in El Mirage, Arizona.
What is the median home price in El Mirage, Arizona?
The median home price in El Mirage, Arizona is $239,092, lower than the Arizona average of $340,223.
What is the average home price in El Mirage, 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 El Mirage, Arizona?
The median gross rent in El Mirage, Arizona is $1,678 per month, higher than the Arizona average of $1,430.
What was the median gross rent in El Mirage in 2020?
In 2020, the median gross rent in El Mirage, Arizona was $1,307 per month.
What is the price-to-rent ratio in El Mirage, Arizona?
The price-to-rent ratio in El Mirage, Arizona is about 11.9, meaning it would take roughly 11.9 years of rent payments at the median rent to equal the median home price. That is a relatively low price-to-rent ratio, which tends to favor buying over renting in El Mirage.
Are home prices or rent rising faster in El Mirage, Arizona?
Both home prices and rent are rising in El Mirage, up about 9.0% and 6.4% a year respectively. Home prices are changing faster.
What is the homeownership rate in El Mirage, Arizona?
65.1% of households in El Mirage, Arizona own their home, higher than the Arizona average of 59.6%.
What is the vacancy rate in El Mirage, Arizona?
The housing vacancy rate in El Mirage, Arizona is 6.0%, lower than the Arizona average of 11.0%.