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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 $114,498, lower than the Illinois average of $300,242.
The average cost of rent is $1,248/mo in Phoenix, primarily driven by the current value of real estate in the Phoenix area. In Phoenix, 26.24% of households rent, and 54.22% of homeowners own their homes outright.
Housing affordability isn’t just about home prices, though. The average household income in Phoenix is $4,088 per month. Households that rent pay about 30.51% of their income on rent here. Phoenix’s most expensive areas are in the northwestern regions, while the cheapest areas are in the southern parts of the city.
Source: BestNeighborhood calculations from the U.S. Census Bureau, American Community Survey (ACS) 2020-2024 5-year estimates.
Nearby Cities
- Harvey, IL: equally priced homes
- South Holland, IL: higher priced homes
- Dolton, IL: higher priced homes
- Riverdale, IL: equally priced homes
- Dixmoor, IL: equally priced homes
- East Hazel Crest, IL: higher priced homes
- Thornton, IL: higher priced homes
- Markham, IL: higher priced homes
- Posen, IL: higher priced homes
- Calumet Park, IL: higher priced homes
Cities with Similar Populations
- Warriors Mark, PA: higher priced homes
- Damon, TX: higher priced homes
- Donnellson, IA: higher priced homes
- Drakesboro, KY: less expensive homes
- Westerlo, NY: higher priced homes
- Ennis, MT: higher priced homes
- Fitzwilliam, NH: higher priced homes
- Flinn Springs, CA: higher priced homes
- Friendsville, MD: higher priced homes
- Genoa, WV: less expensive homes
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