Phoenix, Arizona Housing Market Prices
Phoenix 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 13% above the Arizona median$415,988
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Median rent 2% above the Arizona median$1,577
Housing Market Overview
| Metric | Phoenix | Arizona Avg | US Average |
|---|---|---|---|
| Median Home Price | $415,988 | $367,851 | $248,835 |
| Price Trend (Annual %) | 14.9% | 11.9% | 7.5% |
| Median Gross Rent | $1,577 | $1,543 | $1,407 |
| Rent Trend (Annual %) | 7.2% | 6.5% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Phoenix is about 13% higher than in Arizona. Rent is about 2% 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 Phoenix, up about 14.9% and 7.2% a year respectively. Home prices are changing faster.
Median rent in Phoenix rose about 79.2% between 2015 and 2024, from $880 to $1,577. Over the same span, rent in Arizona rose about 69.1%.
Affordability
On average, housing unit costs 5.1 yearly household incomes in Phoenix.
Buying the median-priced home in Phoenix costs roughly 22.0 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 Phoenix. The price-to-rent ratio in Arizona is about 19.9.
| Metric | Phoenix | Arizona Avg | US Average |
|---|---|---|---|
| Median Home Price | $415,988 | $367,851 | $248,835 |
| Median Household Income | $81,033 | $80,381 | $80,455 |
| Price-to-Income Ratio | 5.1 | 4.6 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2024, the median home price in Phoenix rose about 234.4%, while median household income rose about 54.4% 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 | Phoenix | Arizona Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 53.4% | 60.3% | 58.5% |
| Rental Rate | 40.1% | 29.2% | 31.2% |
| Vacancy Rate | 6.6% | 10.6% | 10.2% |
| Median Tenure (years) | 11.0 | 13.0 | 15.0 |
| Median Year Moved In | 2015 | 2013 | 2011 |
Phoenix has a homeownership rate of 53.4%, lower than the Arizona average of 60.3%. Its housing vacancy rate is 6.6%, compared with 10.6% in Arizona.
Housing Stock
| Metric | Phoenix | Arizona Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.63 people | 2.53 people | 2.53 people |
| Median Structure Built Year | 1985 | 1991 | 1978 |
| Median Number of Rooms | 5.1 | 5.3 | 5.5 |
The typical housing unit in Phoenix was built around 1985. On average, 2.6 people live in a home with about 5.1 rooms, staying for about 11.0 years on average.
Phoenix, AZ Housing Compared With Nearby Cities
How Phoenix, AZ compares with the 2 cities closest to it.
| Area | Population | Median home price | Median rent | Homeownership |
|---|---|---|---|---|
| Phoenix, AZ | 1,599,139 | $415,988 #1/3 | $1,577 #2/3 | 57.1% #3/3 |
| Glendale, AZ | 256,120 | $333,156 | $1,541 | 58.0% |
| Sun City, AZ | 40,024 | $355,512 | $1,637 | 80.4% |
Frequently Asked Questions
Common questions about the housing market in Phoenix, Arizona.
What is the median home price in Phoenix, Arizona?
The median home price in Phoenix, Arizona is $415,988, higher than the Arizona average of $367,851.
What is the average home price in Phoenix, Arizona?
The typical home price in Phoenix, Arizona, reported as the median sale price, is $415,988. 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 Phoenix, Arizona?
The median gross rent in Phoenix, Arizona is $1,577 per month, higher than the Arizona average of $1,543.
What was the median gross rent in Phoenix in 2020?
In 2020, the median gross rent in Phoenix, Arizona was $1,096 per month.
What is the price-to-rent ratio in Phoenix, Arizona?
The price-to-rent ratio in Phoenix, Arizona is about 22.0, meaning it would take roughly 22.0 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 Phoenix.
Are home prices or rent rising faster in Phoenix, Arizona?
Both home prices and rent are rising in Phoenix, up about 14.9% and 7.2% a year respectively. Home prices are changing faster.
What is the homeownership rate in Phoenix, Arizona?
53.4% of households in Phoenix, Arizona own their home, lower than the Arizona average of 60.3%.
What is the vacancy rate in Phoenix, Arizona?
The housing vacancy rate in Phoenix, Arizona is 6.6%, lower than the Arizona average of 10.6%.
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