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 | Maricopa | Arizona Avg | US Average |
|---|---|---|---|
| Median Home Price | $355,493 | $340,223 | $242,182 |
| Price Trend (Annual %) | 14.5% | 12.4% | 8.2% |
| Median Gross Rent | $1,917 | $1,430 | $1,342 |
| Rent Trend (Annual %) | 6.0% | 6.3% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Maricopa is about 4% higher than in Arizona. Rent is about 34% 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 Maricopa, up about 14.5% and 6.0% a year respectively. Home prices are changing faster.
Median rent in Maricopa rose about 51.9% between 2015 and 2023, from $1,262 to $1,917. Over the same span, rent in Arizona rose about 56.7%.
Affordability
On average, housing unit costs 3.7 yearly household incomes in Maricopa.
Buying the median-priced home in Maricopa costs roughly 15.5 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 Maricopa. The price-to-rent ratio in Arizona is about 19.8.
| Metric | Maricopa | Arizona Avg | US Average |
|---|---|---|---|
| Median Home Price | $355,493 | $340,223 | $242,182 |
| Median Household Income | $95,265 | $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 Maricopa rose about 161.5%, while median household income rose about 52.5% 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 | Maricopa | Arizona Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 74.9% | 59.6% | 58.2% |
| Rental Rate | 15.1% | 29.4% | 31.3% |
| Vacancy Rate | 10.0% | 11.0% | 10.6% |
| Median Tenure (years) | 9.0 | 13.0 | 15.0 |
| Median Year Moved In | 2017 | 2013 | 2011 |
Maricopa has a homeownership rate of 74.9%, higher than the Arizona average of 59.6%. Its housing vacancy rate is 10.0%, compared with 11.0% in Arizona.
Housing Stock
| Metric | Maricopa | Arizona Avg | US Average |
|---|---|---|---|
| Average Household Size | 3.18 people | 2.54 people | 2.54 people |
| Median Structure Built Year | 2008 | 1990 | 1978 |
| Median Number of Rooms | 6.4 | 5.3 | 5.5 |
The typical housing unit in Maricopa was built around 2008. On average, 3.2 people live in a home with about 6.4 rooms, staying for about 9.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Maricopa, Arizona.
What is the median home price in Maricopa, Arizona?
The median home price in Maricopa, Arizona is $355,493, higher than the Arizona average of $340,223.
What is the average home price in Maricopa, 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 Maricopa, Arizona?
The median gross rent in Maricopa, Arizona is $1,917 per month, higher than the Arizona average of $1,430.
What was the median gross rent in Maricopa in 2020?
In 2020, the median gross rent in Maricopa, Arizona was $1,421 per month.
What is the price-to-rent ratio in Maricopa, Arizona?
The price-to-rent ratio in Maricopa, Arizona is about 15.5, meaning it would take roughly 15.5 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 Maricopa.
Are home prices or rent rising faster in Maricopa, Arizona?
Both home prices and rent are rising in Maricopa, up about 14.5% and 6.0% a year respectively. Home prices are changing faster.
What is the homeownership rate in Maricopa, Arizona?
74.9% of households in Maricopa, Arizona own their home, higher than the Arizona average of 59.6%.
What is the vacancy rate in Maricopa, Arizona?
The housing vacancy rate in Maricopa, Arizona is 10.0%, lower than the Arizona average of 11.0%.