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 | Flagstaff | Arizona Avg | US Average |
|---|---|---|---|
| Median Home Price | $449,771 | $340,223 | $242,182 |
| Price Trend (Annual %) | 15.7% | 12.4% | 8.2% |
| Median Gross Rent | $1,549 | $1,430 | $1,342 |
| Rent Trend (Annual %) | 5.2% | 6.3% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Flagstaff is about 32% higher than in Arizona. Rent is about 8% 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 Flagstaff, up about 15.7% and 5.2% a year respectively. Home prices are changing faster.
Median rent in Flagstaff rose about 47.9% between 2015 and 2023, from $1,047 to $1,549. Over the same span, rent in Arizona rose about 56.7%.
Affordability
On average, housing unit costs 6.7 yearly household incomes in Flagstaff.
Buying the median-priced home in Flagstaff costs roughly 24.2 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 Flagstaff. The price-to-rent ratio in Arizona is about 19.8.
| Metric | Flagstaff | Arizona Avg | US Average |
|---|---|---|---|
| Median Home Price | $449,771 | $340,223 | $242,182 |
| Median Household Income | $67,033 | $77,100 | $78,145 |
| Price-to-Income Ratio | 6.7 | 4.4 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Flagstaff rose about 63.5%, while median household income rose about 43.0% 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 | Flagstaff | Arizona Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 37.6% | 59.6% | 58.2% |
| Rental Rate | 50.8% | 29.4% | 31.3% |
| Vacancy Rate | 11.6% | 11.0% | 10.6% |
| Median Tenure (years) | 10.0 | 13.0 | 15.0 |
| Median Year Moved In | 2016 | 2013 | 2011 |
Flagstaff has a homeownership rate of 37.6%, lower than the Arizona average of 59.6%. Its housing vacancy rate is 11.6%, compared with 11.0% in Arizona.
Housing Stock
| Metric | Flagstaff | Arizona Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.31 people | 2.54 people | 2.54 people |
| Median Structure Built Year | 1991 | 1990 | 1978 |
| Median Number of Rooms | 4.9 | 5.3 | 5.5 |
The typical housing unit in Flagstaff was built around 1991. On average, 2.3 people live in a home with about 4.9 rooms, staying for about 10.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Flagstaff, Arizona.
What is the median home price in Flagstaff, Arizona?
The median home price in Flagstaff, Arizona is $449,771, higher than the Arizona average of $340,223.
What is the average home price in Flagstaff, 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 Flagstaff, Arizona?
The median gross rent in Flagstaff, Arizona is $1,549 per month, higher than the Arizona average of $1,430.
What was the median gross rent in Flagstaff in 2020?
In 2020, the median gross rent in Flagstaff, Arizona was $1,291 per month.
What is the price-to-rent ratio in Flagstaff, Arizona?
The price-to-rent ratio in Flagstaff, Arizona is about 24.2, meaning it would take roughly 24.2 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 Flagstaff.
Are home prices or rent rising faster in Flagstaff, Arizona?
Both home prices and rent are rising in Flagstaff, up about 15.7% and 5.2% a year respectively. Home prices are changing faster.
What is the homeownership rate in Flagstaff, Arizona?
37.6% of households in Flagstaff, Arizona own their home, lower than the Arizona average of 59.6%.
What is the vacancy rate in Flagstaff, Arizona?
The housing vacancy rate in Flagstaff, Arizona is 11.6%, higher than the Arizona average of 11.0%.