Phoenix, AZ
Maricopa County · Pop. 1,650,070
Ranked #151 of 243 cities
34Crisis
Median Home Price
🏠$430K
4.0% YoY
Median Rent
🔑$1,550
3.5% YoY
Median Income
💰$62K
Rent Burden
📊32.5%
% of income to rent
Income to Buy
🏦$124K
annual income needed
Income to Rent
📝$62K
annual income needed
Price-to-Income
⚖️6.9x
Homeownership
🏡58.0%
Rent vs. Buy
Buy
$2,289/mo
Est. mortgage (7%, 20% down)
Need $124K/yr income
Rent
$1,550/mo
Median rent
Need $62K/yr income
How Phoenix Compares
| Metric | Phoenix | Arizona | National |
|---|---|---|---|
| Home Price | $430K | $411K | $410K |
| Rent | $1,550 | $1,608 | $1,500 |
| Income | $62K | $77K | $75K |
| Rent Burden | 32.5% | 34.1% | 30.0% |
Key Takeaways
- • Home prices in Phoenix are 5% higher than the national average.
- • Rent is 3% higher than the national average.
- • You need an income of $124K to comfortably buy a home here.
- • The homeownership rate is 58.0%, compared to 65.0% nationally.