Peoria, Arizona Housing Market Prices
Peoria 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 38% above the Arizona median$507,883
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Median rent 18% above the Arizona median$1,814
Housing Market Overview
| Metric | Peoria | Arizona Avg | US Average |
|---|---|---|---|
| Median Home Price | $507,883 | $367,851 | $248,835 |
| Price Trend (Annual %) | 13.0% | 11.9% | 7.5% |
| Median Gross Rent | $1,814 | $1,543 | $1,407 |
| Rent Trend (Annual %) | 6.3% | 6.5% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Peoria is about 38% higher than in Arizona. Rent is about 18% higher than the Arizona 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 Peoria, up about 13.0% and 6.3% a year respectively. Home prices are changing faster.
Median rent in Peoria rose about 66.7% between 2015 and 2024, from $1,088 to $1,814. Over the same span, rent in Arizona rose about 69.1%.
Affordability
On average, housing unit costs 5.3 yearly household incomes in Peoria.
Buying the median-priced home in Peoria costs roughly 23.3 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 Peoria. The price-to-rent ratio in Arizona is about 19.9.
| Metric | Peoria | Arizona Avg | US Average |
|---|---|---|---|
| Median Home Price | $507,883 | $367,851 | $248,835 |
| Median Household Income | $95,270 | $80,381 | $80,455 |
| Price-to-Income Ratio | 5.3 | 4.6 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2024, the median home price in Peoria rose about 183.2%, while median household income rose about 44.0% 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 | Peoria | Arizona Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 71.8% | 60.3% | 58.5% |
| Rental Rate | 22.0% | 29.2% | 31.2% |
| Vacancy Rate | 6.3% | 10.6% | 10.2% |
| Median Tenure (years) | 12.0 | 13.0 | 15.0 |
| Median Year Moved In | 2014 | 2013 | 2011 |
Peoria has a homeownership rate of 71.8%, higher than the Arizona average of 60.3%. Its housing vacancy rate is 6.3%, compared with 10.6% in Arizona.
Housing Stock
| Metric | Peoria | Arizona Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.66 people | 2.53 people | 2.53 people |
| Median Structure Built Year | 1998 | 1991 | 1978 |
| Median Number of Rooms | 5.9 | 5.3 | 5.5 |
The typical housing unit in Peoria was built around 1998. On average, 2.7 people live in a home with about 5.9 rooms, staying for about 12.0 years on average.
Peoria, AZ Housing Compared With Nearby Cities
Peoria, AZ is the largest of the 5 cities compared here, 193,918 residents against a local median of 32,546. Where Peoria, AZ breaks from the cities next to it is median home price, sitting 22% above the local median of $414,610 at $507,883.
The cities themselves spread $403,863 on median home price, so Peoria, AZ sits at one end of an already wide local range rather than apart from it. Peoria, AZ has the 2nd highest median home price of the 5 areas compared here.
| Area | Population | Median home price | Median rent | Homeownership |
|---|---|---|---|---|
| Peoria, AZ | 193,918 | $507,883 #2/5 | $1,814 #3/5 | 76.6% #5/5 |
| Sun City West, AZ | 25,067 | $404,892 | $1,650 | 88.4% |
| Sun City, AZ | 40,024 | $355,512 | $1,637 | 80.4% |
| Surprise, AZ | 150,965 | $424,328 | $2,008 | 79.2% |
| Anthem, AZ | 22,541 | $759,375 | $2,550 | 84.9% |
Frequently Asked Questions
Common questions about the housing market in Peoria, Arizona.
What is the median home price in Peoria, Arizona?
The median home price in Peoria, Arizona is $507,883, higher than the Arizona average of $367,851.
What is the average home price in Peoria, Arizona?
The typical home price in Peoria, Arizona, reported as the median sale price, is $507,883. 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 Peoria, Arizona?
The median gross rent in Peoria, Arizona is $1,814 per month, higher than the Arizona average of $1,543.
What was the median gross rent in Peoria in 2020?
In 2020, the median gross rent in Peoria, Arizona was $1,322 per month.
What is the price-to-rent ratio in Peoria, Arizona?
The price-to-rent ratio in Peoria, Arizona is about 23.3, meaning it would take roughly 23.3 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 Peoria.
Are home prices or rent rising faster in Peoria, Arizona?
Both home prices and rent are rising in Peoria, up about 13.0% and 6.3% a year respectively. Home prices are changing faster.
What is the homeownership rate in Peoria, Arizona?
71.8% of households in Peoria, Arizona own their home, higher than the Arizona average of 60.3%.
What is the vacancy rate in Peoria, Arizona?
The housing vacancy rate in Peoria, Arizona is 6.3%, lower than the Arizona average of 10.6%.
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