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.
Median Home Price Map: Nearby Counties
Housing Market Overview
| Metric | La Paz County | Arizona Avg | US Average |
|---|---|---|---|
| Median Home Price | $186,328 | $340,223 | $242,182 |
| Price Trend (Annual %) | 17.5% | 12.4% | 8.2% |
| Median Gross Rent | $734 | $1,430 | $1,342 |
| Rent Trend (Annual %) | 4.2% | 6.3% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in La Paz County is about 45% lower than in Arizona. Rent is about 49% lower 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 La Paz County, up about 17.5% and 4.2% a year respectively. Home prices are changing faster.
Median rent in La Paz County rose about 24.1% between 2015 and 2023, from $591 to $734. Over the same span, rent in Arizona rose about 56.7%.
Affordability
On average, housing unit costs 3.7 yearly household incomes in La Paz County.
Buying the median-priced home in La Paz County costs roughly 21.1 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 La Paz County. The price-to-rent ratio in Arizona is about 19.8.
| Metric | La Paz County | Arizona Avg | US Average |
|---|---|---|---|
| Median Home Price | $186,328 | $340,223 | $242,182 |
| Median Household Income | $49,704 | $77,100 | $78,145 |
| Price-to-Income Ratio | 3.7 | 4.4 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in La Paz County rose about 146.3%, while median household income rose about 56.0% 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 | La Paz County | Arizona Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 45.8% | 59.6% | 58.2% |
| Rental Rate | 19.2% | 29.4% | 31.3% |
| Vacancy Rate | 34.9% | 11.0% | 10.6% |
| Median Tenure (years) | 16.0 | 13.0 | 15.0 |
| Median Year Moved In | 2010 | 2013 | 2011 |
La Paz County has a homeownership rate of 45.8%, lower than the Arizona average of 59.6%. Its housing vacancy rate is 34.9%, compared with 11.0% in Arizona.
Housing Stock
| Metric | La Paz County | Arizona Avg | US Average |
|---|---|---|---|
| Average Household Size | 1.85 people | 2.54 people | 2.54 people |
| Median Structure Built Year | 1985 | 1990 | 1978 |
| Median Number of Rooms | 4.1 | 5.3 | 5.5 |
The typical housing unit in La Paz County was built around 1985. On average, 1.8 people live in a home with about 4.1 rooms, staying for about 16.0 years on average.
Frequently Asked Questions
Common questions about the housing market in La Paz County, Arizona.
What is the median home price in La Paz County, Arizona?
The median home price in La Paz County, Arizona is $186,328, lower than the Arizona average of $340,223.
What is the average home price in La Paz County, 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 La Paz County, Arizona?
The median gross rent in La Paz County, Arizona is $734 per month, lower than the Arizona average of $1,430.
What was the median gross rent in La Paz County in 2020?
In 2020, the median gross rent in La Paz County, Arizona was $657 per month.
What is the price-to-rent ratio in La Paz County, Arizona?
The price-to-rent ratio in La Paz County, Arizona is about 21.1, meaning it would take roughly 21.1 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 La Paz County.
Are home prices or rent rising faster in La Paz County, Arizona?
Both home prices and rent are rising in La Paz County, up about 17.5% and 4.2% a year respectively. Home prices are changing faster.
What is the homeownership rate in La Paz County, Arizona?
45.8% of households in La Paz County, Arizona own their home, lower than the Arizona average of 59.6%.
What is the vacancy rate in La Paz County, Arizona?
The housing vacancy rate in La Paz County, Arizona is 34.9%, higher than the Arizona average of 11.0%.