Arizona Housing Market Prices
Arizona Home Prices and Rent at a Glance
The median home price (often called the average home price), rent costs, affordability metrics, and housing stock characteristics for this housing market.
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Median home price 48% above the US median More expensive than 80% of states in US$367,851
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Median rent 10% above the US median More expensive than 76% of states in US$1,543
Median Home Price Map: Counties in Arizona
Housing Market Overview
| Metric | Arizona | US Average |
|---|---|---|
| Median Home Price | $367,851 | $248,835 |
| Price Trend (Annual %) | 11.9% | 7.5% |
| Median Gross Rent | $1,543 | $1,407 |
| Rent Trend (Annual %) | 6.5% | 5.1% |
| Household Income Trend (Annual %) | — | — |
The median home price in Arizona is about 48% higher than in US. Rent is about 10% higher than the US average.
Median Home and Rent Price Trends
Median Home Prices, 2015-2024
Median Rent Prices, 2015-2024
Both home prices and rent are rising in Arizona, up about 11.9% and 6.5% a year respectively. Home prices are changing faster.
Median rent in Arizona rose about 69.1% between 2015 and 2024, from $913 to $1,543. Over the same span, rent in US rose about 52.1%.
Affordability
On average, housing unit costs 4.6 yearly household incomes in Arizona.
Buying the median-priced home in Arizona costs roughly 19.9 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 Arizona. The price-to-rent ratio in US is about 14.7.
| Metric | Arizona | US Average |
|---|---|---|
| Median Home Price | $367,851 | $248,835 |
| Median Household Income | $80,381 | $80,455 |
| Price-to-Income Ratio | 4.6 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2024, the median home price in Arizona rose about 158.0%, while median household income rose about 52.5% between 2009 and 2025 — 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 | Arizona | US Average |
|---|---|---|
| Homeownership Rate | 60.3% | 58.5% |
| Rental Rate | 29.2% | 31.2% |
| Vacancy Rate | 10.6% | 10.2% |
| Median Tenure (years) | 13.0 | 15.0 |
| Median Year Moved In | 2013 | 2011 |
Arizona has a homeownership rate of 60.3%, higher than the US average of 58.5%. Its housing vacancy rate is 10.6%, compared with 10.2% in US.
Housing Stock
| Metric | Arizona | US Average |
|---|---|---|
| Average Household Size | 2.53 people | 2.53 people |
| Median Structure Built Year | 1991 | 1978 |
| Median Number of Rooms | 5.3 | 5.5 |
The typical housing unit in Arizona was built around 1991. On average, 2.5 people live in a home with about 5.3 rooms, staying for about 13.0 years on average.
Arizona Housing Compared With Nearby States
Arizona is the 2nd largest of the 6 states compared here, 7,356,359 residents against a local median of 3,390,702. Arizona's median home price, at $367,851, runs 24% below the $484,034 typical of the states around it.
The states themselves spread $446,672 on median home price, so Arizona sits at one end of an already wide local range rather than apart from it. Arizona has the 4th highest median home price of the 6 areas compared here.
| Area | Population | Median home price | Median rent | Homeownership |
|---|---|---|---|---|
| Arizona | 7,356,359 | $367,851 #4/6 | $1,543 #4/6 | 67.4% #3/6 |
| Utah | 3,390,702 | $498,552 | $1,495 | 70.3% |
| New Mexico | 2,118,085 | $204,122 | $1,067 | 70.0% |
| Nevada | 3,183,702 | $357,758 | $1,597 | 60.0% |
| Colorado | 5,842,429 | $484,034 | $1,761 | 66.2% |
| California | 39,245,658 | $650,794 | $2,036 | 55.9% |
Frequently Asked Questions
Common questions about the housing market in Arizona.
What is the median home price in Arizona?
The median home price in Arizona is $367,851, higher than the US average of $248,835.
What is the average home price in Arizona?
The typical home price in Arizona, reported as the median sale price, is $367,851. 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 Arizona?
The median gross rent in Arizona is $1,543 per month, higher than the US average of $1,407.
What was the median gross rent in Arizona in 2020?
In 2020, the median gross rent in Arizona was $1,097 per month.
What is the price-to-rent ratio in Arizona?
The price-to-rent ratio in Arizona is about 19.9, meaning it would take roughly 19.9 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 Arizona.
Are home prices or rent rising faster in Arizona?
Both home prices and rent are rising in Arizona, up about 11.9% and 6.5% a year respectively. Home prices are changing faster.
What is the homeownership rate in Arizona?
60.3% of households in Arizona own their home, higher than the US average of 58.5%.
What is the vacancy rate in Arizona?
The housing vacancy rate in Arizona is 10.6%, higher than the US average of 10.2%.
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