Cost of Living in Phoenix, AZ
A comprehensive look at housing costs in Phoenix for 2025.
Crisis
Affordability Score
Home Price
🏠$430K
Monthly Rent
🔑$1,550
Monthly Mortgage
🏦$2,289
7% rate, 20% down
Median Income
💰$62K
Housing Costs Overview
The median home price in Phoenix is $430K, which is 5% higher than the national median of $410K. The median rent is $1,550/month, 3% above the national median.
Monthly Mortgage Breakdown
Based on 30-year fixed at 7% with 20% down payment ($86K). Total cost over 30 years: $824K.
Rent vs. National Average
At $1,550/month, renting in Phoenix means spending about $19K per year on housing. The rent-to-income ratio is 32.5%, which exceeds the recommended 30% threshold.
Compared to Arizona
Home Price
$430K
vs $411K state
Rent
$1,550
vs $1,608 state
Income
$62K
vs $77K state
Is Phoenix Getting More Expensive?
Over the past year, home prices in Phoenix changed by 4.0% and rents by 3.5%. Price growth is moderate.