The typical owner-occupied home in Phoenix is worth about $420,700, 7% above the Arizona median of $394,500 and 26% above the national median of $332,700. Owners pay a median $1,850 a year in property taxes, about 0.44% of their home's value, lower than the Arizona rate of 0.48%. The median household earns $81,332 a year, so the median home costs 5.2 times the median income (4.9 times for Arizona). 57% of occupied homes here are lived in by their owners, and 67% of those owners still have a mortgage.
Phoenix at a glance
| Phoenix | Arizona | U.S. | |
|---|---|---|---|
| Median home value | $420,700 | $394,500 | $332,700 |
| Median property tax paid per year | $1,850 | $1,879 | $3,119 |
| Property tax as a share of value | 0.44% | 0.48% | 0.94% |
| Median household income | $81,332 | $79,964 | $80,734 |
| Homes lived in by their owners | 57% | 67% | 65% |
| Owner homes with a mortgage | 67% | 62% | 61% |
| Median monthly costs, owners with a mortgage | $1,847 | $1,803 | $1,963 |
| Those costs as a share of the owners' income | 20.0% | 20.5% | 21.0% |
| Median rent | $1,582 | $1,543 | $1,413 |
| Rent as a share of renters' income | 31.0% | 30.8% | 30.6% |
| Median year homes were built | 1985 | 1992 | 1980 |
| Vacant homes | 6.5% | 10.5% | 10.1% |
| Population | 1,642,323 | 7,378,838 | 334,922,499 |
What a typical home costs per month in Phoenix
At this week's average 30-year rate of 7.11%, buying the median Phoenix home of $420,700 with 20% down costs about $2,594 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $3,294, 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 $111,155 for the 20%-down payment. That payment is 38% of the median Phoenix household income of $81,332; at that income and 20% down, the 28% guideline points to a home of about $308,000.
The median rent here is $1,582 a month, so owning the median home costs about $1,012 a month more than renting, before you count the equity you build and any tax benefits.
| Down payment | $84,140 |
|---|---|
| Loan amount | $336,560 |
| Principal and interest | $2,264 |
| Property taxes (0.44% a year) | $154 |
| Homeowners insurance (our estimate, 0.5% a year) | $175 |
| PMI | $0 |
| Total per month | $2,594 |
Change the numbers in the calculator
| Down payment | $14,724 |
|---|---|
| Loan amount | $413,080 |
| Principal and interest | $2,779 |
| Property taxes (0.44% a year) | $154 |
| Homeowners insurance (our estimate, 0.5% a year) | $175 |
| FHA mortgage insurance | $186 |
| Total per month | $3,294 |
Change the numbers in the calculator
Questions about home buying in Phoenix
What is the median home value in Phoenix?
About $420,700 for owner-occupied homes, according to the Census Bureau's 2020–2024 American Community Survey.
How much are property taxes in Phoenix?
Homeowners pay a median $1,850 a year, which is about 0.44% 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 Phoenix?
For the median home with 20% down at 7.11%, the payment is about $2,594 a month. Keeping that under 28% of gross income takes about $111,155 a year.
More about Phoenix
- Mortgage Refinance in Phoenix
- Debt Relief in Phoenix
- Home Equity Loans in Phoenix
- 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