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These days, finding an affordable place to live in the Arizona area can be challenging. Home prices in Arizona are now at a median cost of $274,828, lower than the the United States average of $313,691.
The average cost of rent is $1,296/mo in Arizona, primarily driven by the current value of real estate in the Arizona area. While nearly 41.14% of residents own their homes outright in Arizona, 32.36% rent.
Housing affordability isn’t just about home prices, though. The average household income in Arizona is $6,061 per month. Households that rent pay about 21.39% of their income on rent here. Arizona's most expensive areas are in the central regions, while the cheapest areas are in the southwestern parts of the state.
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