Phoenix, AZ housing market
Typical home value
$404K
▼ 1.2% 1 yr
Typical rent
$1,571/mo
▲ 1.0% 1 yr
Gross rent yield
4.7%
U.S. 6.3%
5-year home value change
+6%
U.S. +20%
Key takeaways
- 1The typical home in Phoenix is worth $404,067, down 1.2% over the past year and up 6% over five years.
- 2Typical rent is $1,571 a month (+1.0% YoY), a gross rent yield of 4.7% (below the Phoenix, AZ metro's 4.7%).
- 3With 20% down at 7.32%, principal and interest on the typical home is about $2,221/mo, $650 more than typical rent.
- 4Zillow forecasts the Phoenix, AZ metro's home values to change −1.8% over the next 12 months.
Market temperature (Phoenix, AZ metro)
Buyer's market
Buyer'sNeutralSeller's
Zillow Market Heat Index: 29/100, #447 hottest of 546 metros. Below 44 favors buyers; above 55 favors sellers.
Home values and rent
Source: Zillow Research (ZHVI, ZORI and market activity data).
How Phoenix compares
| Measure | Phoenix | Phoenix, AZ metro | United States |
|---|---|---|---|
| Typical home value | $404,067 | $441,097 | $366,157 |
| Home value, 1-yr change | −1.2% | −1.1% | +1.2% |
| Typical rent | $1,571 | $1,720 | $1,932 |
| Rent, 1-yr change | +1.0% | +1.0% | +2.7% |
| Gross rent yield | 4.7% | 4.7% | 6.3% |
| Price-to-rent ratio | 21.4 | 21.4 | 15.8 |
| Mortgage P&I, typical home | $2,221 | $2,424 | $2,012 |
Run the numbers
Rental property calculator
Cash flow on a typical Phoenix rental, pre-filled.
Rent vs buy in Phoenix
Which costs less over the years you'll stay.
Mortgage calculator
Monthly payment on a $404K home.
Other cities in the Phoenix, AZ metro
Mesa, AZ
$429K home$1,532 rent
▼ 0.7% 1 yr
Chandler, AZ
$513K home$1,893 rent
▼ 1.2% 1 yr
Gilbert, AZ
$565K home$2,079 rent
▼ 0.2% 1 yr
Glendale, AZ
$400K home$1,511 rent
▼ 1.2% 1 yr
Scottsdale, AZ
$852K home$2,114 rent
▲ 3.4% 1 yr
Peoria, AZ
$480K home$1,851 rent
▼ 0.7% 1 yr
Tempe, AZ
$459K home$1,623 rent
▼ 0.5% 1 yr
Surprise, AZ
$416K home$1,942 rent
▼ 1.7% 1 yr
City figures are Zillow's typical home value (ZHVI) and observed rent (ZORI). Gross yield is before expenses. Data refreshed Oct 26, 2026.