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 | Goodyear | Arizona Avg | US Average |
|---|---|---|---|
| Median Home Price | $391,724 | $340,223 | $242,182 |
| Price Trend (Annual %) | 14.8% | 12.4% | 8.2% |
| Median Gross Rent | $1,839 | $1,430 | $1,342 |
| Rent Trend (Annual %) | 6.2% | 6.3% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Goodyear is about 15% higher than in Arizona. Rent is about 29% 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 Goodyear, up about 14.8% and 6.2% a year respectively. Home prices are changing faster.
Median rent in Goodyear rose about 58.0% between 2015 and 2023, from $1,164 to $1,839. Over the same span, rent in Arizona rose about 56.7%.
Affordability
On average, housing unit costs 3.8 yearly household incomes in Goodyear.
Buying the median-priced home in Goodyear costs roughly 17.7 years of rent at the median monthly rate. That is a moderate price-to-rent ratio, where buying and renting are often similarly cost-effective in Goodyear. The price-to-rent ratio in Arizona is about 19.8.
| Metric | Goodyear | Arizona Avg | US Average |
|---|---|---|---|
| Median Home Price | $391,724 | $340,223 | $242,182 |
| Median Household Income | $102,161 | $77,100 | $78,145 |
| Price-to-Income Ratio | 3.8 | 4.4 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Goodyear rose about 82.5%, while median household income rose about 35.8% 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 | Goodyear | Arizona Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 69.9% | 59.6% | 58.2% |
| Rental Rate | 21.0% | 29.4% | 31.3% |
| Vacancy Rate | 9.1% | 11.0% | 10.6% |
| Median Tenure (years) | 10.0 | 13.0 | 15.0 |
| Median Year Moved In | 2016 | 2013 | 2011 |
Goodyear has a homeownership rate of 69.9%, higher than the Arizona average of 59.6%. Its housing vacancy rate is 9.1%, compared with 11.0% in Arizona.
Housing Stock
| Metric | Goodyear | Arizona Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.76 people | 2.54 people | 2.54 people |
| Median Structure Built Year | 2004 | 1990 | 1978 |
| Median Number of Rooms | 6.1 | 5.3 | 5.5 |
The typical housing unit in Goodyear was built around 2004. On average, 2.8 people live in a home with about 6.1 rooms, staying for about 10.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Goodyear, Arizona.
What is the median home price in Goodyear, Arizona?
The median home price in Goodyear, Arizona is $391,724, higher than the Arizona average of $340,223.
What is the average home price in Goodyear, 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 Goodyear, Arizona?
The median gross rent in Goodyear, Arizona is $1,839 per month, higher than the Arizona average of $1,430.
What was the median gross rent in Goodyear in 2020?
In 2020, the median gross rent in Goodyear, Arizona was $1,422 per month.
What is the price-to-rent ratio in Goodyear, Arizona?
The price-to-rent ratio in Goodyear, Arizona is about 17.7, meaning it would take roughly 17.7 years of rent payments at the median rent to equal the median home price. That is a moderate price-to-rent ratio, where buying and renting are often similarly cost-effective in Goodyear.
Are home prices or rent rising faster in Goodyear, Arizona?
Both home prices and rent are rising in Goodyear, up about 14.8% and 6.2% a year respectively. Home prices are changing faster.
What is the homeownership rate in Goodyear, Arizona?
69.9% of households in Goodyear, Arizona own their home, higher than the Arizona average of 59.6%.
What is the vacancy rate in Goodyear, Arizona?
The housing vacancy rate in Goodyear, Arizona is 9.1%, lower than the Arizona average of 11.0%.