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 | Lake Havasu City | Arizona Avg | US Average |
|---|---|---|---|
| Median Home Price | $334,289 | $340,223 | $242,182 |
| Price Trend (Annual %) | 20.9% | 12.4% | 8.2% |
| Median Gross Rent | $1,263 | $1,430 | $1,342 |
| Rent Trend (Annual %) | 5.6% | 6.3% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Lake Havasu City is about 2% lower than in Arizona. Rent is about 12% 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 Lake Havasu City, up about 20.9% and 5.6% a year respectively. Home prices are changing faster.
Median rent in Lake Havasu City rose about 45.8% between 2015 and 2023, from $866 to $1,263. Over the same span, rent in Arizona rose about 56.7%.
Affordability
On average, housing unit costs 5.0 yearly household incomes in Lake Havasu City.
Buying the median-priced home in Lake Havasu City costs roughly 22.1 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 Lake Havasu City. The price-to-rent ratio in Arizona is about 19.8.
| Metric | Lake Havasu City | Arizona Avg | US Average |
|---|---|---|---|
| Median Home Price | $334,289 | $340,223 | $242,182 |
| Median Household Income | $67,429 | $77,100 | $78,145 |
| Price-to-Income Ratio | 5.0 | 4.4 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Lake Havasu City rose about 88.4%, while median household income rose about 54.7% 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 | Lake Havasu City | Arizona Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 57.9% | 59.6% | 58.2% |
| Rental Rate | 21.2% | 29.4% | 31.3% |
| Vacancy Rate | 21.0% | 11.0% | 10.6% |
| Median Tenure (years) | 12.0 | 13.0 | 15.0 |
| Median Year Moved In | 2014 | 2013 | 2011 |
Lake Havasu City has a homeownership rate of 57.9%, lower than the Arizona average of 59.6%. Its housing vacancy rate is 21.0%, compared with 11.0% in Arizona.
Housing Stock
| Metric | Lake Havasu City | Arizona Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.11 people | 2.54 people | 2.54 people |
| Median Structure Built Year | 1993 | 1990 | 1978 |
| Median Number of Rooms | 5.3 | 5.3 | 5.5 |
The typical housing unit in Lake Havasu City was built around 1993. On average, 2.1 people live in a home with about 5.3 rooms, staying for about 12.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Lake Havasu City, Arizona.
What is the median home price in Lake Havasu City, Arizona?
The median home price in Lake Havasu City, Arizona is $334,289, lower than the Arizona average of $340,223.
What is the average home price in Lake Havasu City, 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 Lake Havasu City, Arizona?
The median gross rent in Lake Havasu City, Arizona is $1,263 per month, lower than the Arizona average of $1,430.
What was the median gross rent in Lake Havasu City in 2020?
In 2020, the median gross rent in Lake Havasu City, Arizona was $941 per month.
What is the price-to-rent ratio in Lake Havasu City, Arizona?
The price-to-rent ratio in Lake Havasu City, Arizona is about 22.1, meaning it would take roughly 22.1 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 Lake Havasu City.
Are home prices or rent rising faster in Lake Havasu City, Arizona?
Both home prices and rent are rising in Lake Havasu City, up about 20.9% and 5.6% a year respectively. Home prices are changing faster.
What is the homeownership rate in Lake Havasu City, Arizona?
57.9% of households in Lake Havasu City, Arizona own their home, lower than the Arizona average of 59.6%.
What is the vacancy rate in Lake Havasu City, Arizona?
The housing vacancy rate in Lake Havasu City, Arizona is 21.0%, higher than the Arizona average of 11.0%.