Phoenix home values
Phoenix at a glance
- Zillow’s Home Value Index puts the typical home at $478,400 (Aug 2026), −0.5% over the past 12 months and +11% over five years.
- The Census median home value in Phoenix is about $424,200 — about the same as Arizona overall and 25% above the U.S. median.
- Median household income is about $84,100; median rent about $1,600/month.
- Neighborhood values range from $246K to $806K across 17 distinct ZIP codes.
Phoenix home value trend
Over the 12 months to Aug 2026, typical home values in Phoenix were essentially flat, to about $478,400. That is in step with Arizona (−0.7%). Values are 9.0% below their peak of $525,800 in Jul 2022. Over five years the typical home gained $47,100 in value (+11%).
Year-by-year values
| Month | Typical value | Change vs year before |
|---|---|---|
| Aug 2026 | $478,400 | −0.5% |
| Aug 2025 | $480,600 | −3.9% |
| Aug 2024 | $500,100 | +3.8% |
| Aug 2023 | $481,800 | −8.1% |
| Aug 2022 | $524,200 | +21.5% |
| Aug 2021 | $431,300 | +29.3% |
| Aug 2020 | $333,500 | +10.8% |
| Aug 2019 | $301,000 | +6.1% |
| Aug 2018 | $283,800 | +8.3% |
| Aug 2017 | $262,000 | +8.0% |
| Aug 2016 | $242,700 | — |
Source: Zillow Home Value Index (ZHVI), typical value of mid-tier homes, smoothed & seasonally adjusted. Areas with several ZIPs: population-weighted.
About Phoenix
Phoenix is the capital and most populous city of the U.S. state of Arizona. With over 1.6 million residents at the 2020 census, Phoenix is the fifth-most populous city in the United States and the most populous state capital. The Phoenix metropolitan area, with an estimated 5.19 million residents, is the tenth-most populous metropolitan area in the U.S. and the most populous in the Mountain states and Southwest. Phoenix is the county seat of Maricopa County in the Salt River Valley and Arizona Sun Corridor and, with an area of 517.9 square miles, is the largest city by area in Arizona and 11th-largest city by area in the United States.
Source: en.wikipedia.org (CC BY-SA)
Phoenix home value score
from local value, rent & income
In Phoenix (18 ZIPs), rents are moderate relative to prices, and homes are expensive against local incomes.
How the Value Score is built
Computed figures
A transparent value snapshot — computed from U.S. Census ACS (2023) for Phoenix (18 ZIPs): home value, gross rent and household income. It is not a market-timing or appreciation forecast.
Phoenix neighborhoods compared
| Name | Home value | 1-yr | Income | Rent | Price / income |
|---|---|---|---|---|---|
| Ahwatukee Foothills | $539K | −0.1% | $123K | $1,995 | 4.4× |
| Alhambra city data | $313K | −1.9% | $53K | $1,227 | 5.9× |
| Arcadia ZIP 85018 · shared | $806K | +4.8% | $88K | $1,411 | 9.2× |
| Biltmore Area | $508K | +1.0% | $85K | $1,575 | 6.0× |
| Camelback East ZIP 85018 · shared | $806K | +4.8% | $88K | $1,411 | 9.2× |
| Central City | $397K | +6.3% | $54K | $1,205 | 7.4× |
| Deer Valley | $316K | −1.7% | $73K | $1,488 | 4.3× |
| Desert View | $564K | +0.5% | $137K | $2,200 | 4.1× |
| Downtown Phoenix | $578K | +2.2% | $57K | $1,258 | 10.2× |
| Encanto ZIP 85012 · shared | $701K | +1.5% | $80K | $1,693 | 8.7× |
| Estrella | $289K | −1.9% | $70K | $1,496 | 4.1× |
| Laveen | $398K | −1.4% | $104K | $2,008 | 3.8× |
| Maryvale | $246K | −2.0% | $61K | $1,338 | 4.0× |
| Midtown | $476K | −1.4% | $69K | $1,435 | 6.9× |
| North Gateway | $554K | −0.6% | $119K | $2,177 | 4.7× |
| North Mountain | $308K | −1.7% | $60K | $1,319 | 5.1× |
| Paradise Valley Village | $388K | +0.7% | $74K | $1,492 | 5.2× |
| Rio Vista | $511K | +0.6% | $121K | $1,809 | 4.2× |
| South Mountain | $353K | −1.8% | $87K | $1,495 | 4.1× |
| Uptown ZIP 85012 · shared | $701K | +1.5% | $80K | $1,693 | 8.7× |
Home value, income and rent: Census ACS medians; 1-yr: Zillow ZHVI change over 12 months. Tap a column heading to sort.
Phoenix vs Arizona and the U.S.
| Phoenix | Arizona | U.S. | |
|---|---|---|---|
| Typical value (Zillow, Aug 2026) | $478,400 | $476,200 | — |
| 1-year change | −0.5% | −0.7% | — |
| 5-year change | +11% | +11% | — |
| Median home value (Census) | $424,200 | $414,400 | $340,200 |
| Median household income | $84,100 | $89,900 | $78,500 |
| Median gross rent | $1,600/mo | $1,689/mo | $1,406/mo |
| Price-to-income ratio | 5.0× | 4.6× | 4.3× |
| Gross rental yield | 4.5% | 4.9% | 5.0% |
| Rent as share of income | 23% | 23% | 21% |
| Mortgage payment* | $2,145/mo | $2,095/mo | $1,720/mo |
Census figures: U.S. Census Bureau ACS 5-year estimates; areas spanning several ZIPs use population-weighted averages of ZIP medians, and city/state columns cover the ZIPs of the places listed on this site. Zillow: ZHVI. *Principal & interest on the Census median value, 20% down, 6.5% fixed, 30 years.
What it costs to buy a home in Phoenix
At today’s typical value of $478,400 (Zillow, Aug 2026), a buyer putting 20% down ($95,680) and financing the rest at 6.5% over 30 years would pay about $2,419 a month in principal and interest — 35% of the median household income here. That is above the common 28% guideline but under 36%, so budgets are stretched but workable for a median earner. The median rent is $1,600/month, so owning costs roughly 51% more per month than renting, before taxes, insurance and upkeep — the trade-off is building equity.
Estimate only: excludes property tax, insurance, HOA and PMI, which vary by property. Incomes and rents are the latest Census (ACS 2023) figures. Run your own numbers in the estimator below.
What this means for buyers, sellers and investors in Phoenix
Buyers
At 5.0× local income, prices are moderate — compare a few nearby areas before committing.
Sellers
Values are down 0.5% on the year, so price to today’s market rather than last year’s peak — and get a home-specific estimate: condition and size move the number more than the area average.
Investors
A gross rental yield of 4.5% is middling — returns depend on buying below the typical price or adding value.
Phoenix real estate FAQ
Are home prices going up in Phoenix?
What is the typical home value in Phoenix?
Is Phoenix affordable?
How much is rent in Phoenix?
Is Phoenix good for rental property investment?
What is the most affordable neighborhood in Phoenix?
What is the most expensive neighborhood in Phoenix?
Where are home values rising fastest in Phoenix?
Where is the best rental yield in Phoenix?
What’s your Phoenix home worth?
Estimates are informational only and are not an appraisal.
Other cities in Arizona
About this data
Data last updated: September 2026.
Current values and trends use the Zillow Home Value Index (ZHVI) — the typical value of mid-tier homes, smoothed and seasonally adjusted — through Aug 2026. It is refreshed monthly.
Median values, incomes, rents, housing stock and commutes come from the U.S. Census Bureau’s American Community Survey (ACS) 5-year estimates at ZIP Code Tabulation Area level. City and state figures are population-weighted averages of their ZIPs.
The Value Score (0–10) blends gross rental yield and price-to-income affordability. It is a value snapshot, not a forecast.
Mortgage figures assume 20% down and a 6.5% fixed 30-year loan, principal and interest only.
These are area-level statistics, not an appraisal of any individual property, and not financial advice.
Sources: U.S. Census ACS · Zillow ZHVI.