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 | Pima County | Arizona Avg | US Average |
|---|---|---|---|
| Median Home Price | $302,536 | $340,223 | $242,182 |
| Price Trend (Annual %) | 11.5% | 12.4% | 8.2% |
| Median Gross Rent | $1,153 | $1,430 | $1,342 |
| Rent Trend (Annual %) | 4.8% | 6.3% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Pima County is about 11% lower than in Arizona. Rent is about 19% 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 Pima County, up about 11.5% and 4.8% a year respectively. Home prices are changing faster.
Median rent in Pima County rose about 41.4% between 2015 and 2023, from $816 to $1,153. Over the same span, rent in Arizona rose about 56.7%.
Affordability
On average, housing unit costs 4.4 yearly household incomes in Pima County.
Buying the median-priced home in Pima County costs roughly 21.9 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 Pima County. The price-to-rent ratio in Arizona is about 19.8.
| Metric | Pima County | Arizona Avg | US Average |
|---|---|---|---|
| Median Home Price | $302,536 | $340,223 | $242,182 |
| Median Household Income | $68,046 | $77,100 | $78,145 |
| Price-to-Income Ratio | 4.4 | 4.4 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Pima County rose about 119.3%, while median household income rose about 48.3% 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 | Pima County | Arizona Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 58.8% | 59.6% | 58.2% |
| Rental Rate | 31.9% | 29.4% | 31.3% |
| Vacancy Rate | 9.3% | 11.0% | 10.6% |
| Median Tenure (years) | 13.0 | 13.0 | 15.0 |
| Median Year Moved In | 2013 | 2013 | 2011 |
Pima County has a homeownership rate of 58.8%, lower than the Arizona average of 59.6%. Its housing vacancy rate is 9.3%, compared with 11.0% in Arizona.
Housing Stock
| Metric | Pima County | Arizona Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.36 people | 2.54 people | 2.54 people |
| Median Structure Built Year | 1985 | 1990 | 1978 |
| Median Number of Rooms | 5.3 | 5.3 | 5.5 |
The typical housing unit in Pima County was built around 1985. On average, 2.4 people live in a home with about 5.3 rooms, staying for about 13.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Pima County, Arizona.
What is the median home price in Pima County, Arizona?
The median home price in Pima County, Arizona is $302,536, lower than the Arizona average of $340,223.
What is the average home price in Pima 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 Pima County, Arizona?
The median gross rent in Pima County, Arizona is $1,153 per month, lower than the Arizona average of $1,430.
What was the median gross rent in Pima County in 2020?
In 2020, the median gross rent in Pima County, Arizona was $931 per month.
What is the price-to-rent ratio in Pima County, Arizona?
The price-to-rent ratio in Pima County, Arizona is about 21.9, meaning it would take roughly 21.9 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 Pima County.
Are home prices or rent rising faster in Pima County, Arizona?
Both home prices and rent are rising in Pima County, up about 11.5% and 4.8% a year respectively. Home prices are changing faster.
What is the homeownership rate in Pima County, Arizona?
58.8% of households in Pima County, Arizona own their home, lower than the Arizona average of 59.6%.
What is the vacancy rate in Pima County, Arizona?
The housing vacancy rate in Pima County, Arizona is 9.3%, lower than the Arizona average of 11.0%.