The typical owner-occupied home in Arizona is worth about $394,500, 19% above the national median of $332,700. Owners pay a median $1,879 a year in property taxes, about 0.48% of their home's value, lower than the national rate of 0.94%. The median household earns $79,964 a year, so the median home costs 4.9 times the median income (4.1 times for the U.S.). 67% of occupied homes here are lived in by their owners, and 62% of those owners still have a mortgage.
Arizona at a glance
| Arizona | U.S. | |
|---|---|---|
| Median home value | $394,500 | $332,700 |
| Median property tax paid per year | $1,879 | $3,119 |
| Property tax as a share of value | 0.48% | 0.94% |
| Median household income | $79,964 | $80,734 |
| Homes lived in by their owners | 67% | 65% |
| Owner homes with a mortgage | 62% | 61% |
| Median monthly costs, owners with a mortgage | $1,803 | $1,963 |
| Those costs as a share of the owners' income | 20.5% | 21.0% |
| Median rent | $1,543 | $1,413 |
| Rent as a share of renters' income | 30.8% | 30.6% |
| Median year homes were built | 1992 | 1980 |
| Vacant homes | 10.5% | 10.1% |
| Population | 7,378,838 | 334,922,499 |
What a typical home costs per month in Arizona
At this week's average 30-year rate of 7.11%, buying the median Arizona home of $394,500 with 20% down costs about $2,445 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $3,102, because the loan is bigger and FHA adds mortgage insurance.
Lenders usually want housing costs under about 28% of gross income, which means an income of roughly $104,796 for the 20%-down payment. That payment is 37% of the median Arizona household income of $79,964; at that income and 20% down, the 28% guideline points to a home of about $301,000.
The median rent here is $1,543 a month, so owning the median home costs about $902 a month more than renting, before you count the equity you build and any tax benefits.
| Down payment | $78,900 |
|---|---|
| Loan amount | $315,600 |
| Principal and interest | $2,123 |
| Property taxes (0.48% a year) | $158 |
| Homeowners insurance (our estimate, 0.5% a year) | $164 |
| PMI | $0 |
| Total per month | $2,445 |
Change the numbers in the calculator
| Down payment | $13,808 |
|---|---|
| Loan amount | $387,355 |
| Principal and interest | $2,606 |
| Property taxes (0.48% a year) | $158 |
| Homeowners insurance (our estimate, 0.5% a year) | $164 |
| FHA mortgage insurance | $174 |
| Total per month | $3,102 |
Change the numbers in the calculator
Questions about home buying in Arizona
What is the median home value in Arizona?
About $394,500 for owner-occupied homes, according to the Census Bureau's 2020–2024 American Community Survey.
How much are property taxes in Arizona?
Homeowners pay a median $1,879 a year, which is about 0.48% of the median home value. Your bill depends on your home's assessed value and local rates.
What income do you need to buy a home in Arizona?
For the median home with 20% down at 7.11%, the payment is about $2,445 a month. Keeping that under 28% of gross income takes about $104,796 a year.
More about Arizona
- Mortgage Refinance in Arizona
- Debt Relief in Arizona
- Home Equity Loans in Arizona
- Guides and quotes for mortgage refinance on our sister site, MortgageRefinance.com
Sources: U.S. Census Bureau, American Community Survey 2020–2024 5-year estimates; Freddie Mac Primary Mortgage Market Survey, week of November 12, 2026. Estimates for small places have wide margins of error. About our data