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These days, finding an affordable place to live in the Phoenix area can be challenging. Home prices in Phoenix are now at a median cost of $470,578, higher than the Arizona average of $421,436.
The average cost of rent is $1,927/mo in Phoenix, primarily driven by the current value of real estate in the Phoenix area. In Phoenix, 33.41% of households rent, and 33.13% of homeowners own their homes outright.
Housing affordability isn’t just about home prices, though. The average household income in Phoenix is $8,378 per month. Households that rent pay about 23.00% of their income on rent here. Phoenix’s most expensive areas are in the northeastern regions, while the cheapest areas are in the western parts of the city.
Source: BestNeighborhood calculations from the U.S. Census Bureau, American Community Survey (ACS) 2020-2024 5-year estimates.
Nearby Cities
- Glendale, AZ: less expensive homes
- Paradise Valley, AZ: higher priced homes
- Scottsdale, AZ: higher priced homes
- Tolleson, AZ: less expensive homes
- Peoria, AZ: equally priced homes
- Youngtown, AZ: less expensive homes
- Sun City, AZ: less expensive homes
- Avondale, AZ: less expensive homes
- El Mirage, AZ: less expensive homes
- Luke Afb, AZ: equally priced homes
Cities with Similar Populations
- Brick, NJ: less expensive homes
- Brockton, MA: equally priced homes
- Bloomington, MN: less expensive homes
- Bloomington, IN: less expensive homes
- Bryan, TX: less expensive homes
- Brighton, CO: higher priced homes
- Bozeman, MT: higher priced homes
- Boynton Beach, FL: less expensive homes
- Bowling Green, KY: less expensive homes
- Bethlehem, PA: less expensive homes
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