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 | Maricopa County | Arizona Avg | US Average |
|---|---|---|---|
| Median Home Price | $391,524 | $340,223 | $242,182 |
| Price Trend (Annual %) | 12.2% | 12.4% | 8.2% |
| Median Gross Rent | $1,587 | $1,430 | $1,342 |
| Rent Trend (Annual %) | 7.0% | 6.3% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Maricopa County is about 15% higher than in Arizona. Rent is about 11% 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 County, up about 12.2% and 7.0% a year respectively. Home prices are changing faster.
Median rent in Maricopa County rose about 65.2% between 2015 and 2023, from $961 to $1,587. Over the same span, rent in Arizona rose about 56.7%.
Affordability
On average, housing unit costs 4.5 yearly household incomes in Maricopa County.
Buying the median-priced home in Maricopa County costs roughly 20.6 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 Maricopa County. The price-to-rent ratio in Arizona is about 19.8.
| Metric | Maricopa County | Arizona Avg | US Average |
|---|---|---|---|
| Median Home Price | $391,524 | $340,223 | $242,182 |
| Median Household Income | $86,053 | $77,100 | $78,145 |
| Price-to-Income Ratio | 4.5 | 4.4 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Maricopa County rose about 142.5%, 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 | Maricopa County | Arizona Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 59.6% | 59.6% | 58.2% |
| Rental Rate | 32.1% | 29.4% | 31.3% |
| Vacancy Rate | 8.3% | 11.0% | 10.6% |
| Median Tenure (years) | 12.0 | 13.0 | 15.0 |
| Median Year Moved In | 2014 | 2013 | 2011 |
Maricopa County has a homeownership rate of 59.6%, about the same as the Arizona average of 59.6%. Its housing vacancy rate is 8.3%, compared with 11.0% in Arizona.
Housing Stock
| Metric | Maricopa County | Arizona Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.61 people | 2.54 people | 2.54 people |
| Median Structure Built Year | 1990 | 1990 | 1978 |
| Median Number of Rooms | 5.4 | 5.3 | 5.5 |
The typical housing unit in Maricopa County was built around 1990. On average, 2.6 people live in a home with about 5.4 rooms, staying for about 12.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Maricopa County, Arizona.
What is the median home price in Maricopa County, Arizona?
The median home price in Maricopa County, Arizona is $391,524, higher than the Arizona average of $340,223.
What is the average home price in Maricopa 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 Maricopa County, Arizona?
The median gross rent in Maricopa County, Arizona is $1,587 per month, higher than the Arizona average of $1,430.
What was the median gross rent in Maricopa County in 2020?
In 2020, the median gross rent in Maricopa County, Arizona was $1,181 per month.
What is the price-to-rent ratio in Maricopa County, Arizona?
The price-to-rent ratio in Maricopa County, Arizona is about 20.6, meaning it would take roughly 20.6 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 Maricopa County.
Are home prices or rent rising faster in Maricopa County, Arizona?
Both home prices and rent are rising in Maricopa County, up about 12.2% and 7.0% a year respectively. Home prices are changing faster.
What is the homeownership rate in Maricopa County, Arizona?
59.6% of households in Maricopa County, Arizona own their home, about the same as the Arizona average.
What is the vacancy rate in Maricopa County, Arizona?
The housing vacancy rate in Maricopa County, Arizona is 8.3%, lower than the Arizona average of 11.0%.