Renting in Phoenix costs about $1,515 a month, and the typical home is listed at $404,000. That puts the price-to-rent ratio at 22.2: a typical home costs as much as 22.2 years of rent.
Phoenix now and in 2031
| Now | 2031 (projected) | |
|---|---|---|
| Typical asking rent | $1,515/mo | $1,190/mo |
| Typical list price | $404,000 | $557,000 |
| Price-to-rent ratio | 22.2 | — |
Rent is projected at -4.7% a year, the trend in RentCast's median rents for these ZIP codes since mid-2024. For home values: The first 2 years follow this year's change in list prices (+1.9%); later years use the Federal Housing Finance Agency's house price index average for these ZIP codes from 2020 to 2025 (+9.9% a year). These are trends carried forward, not predictions of the next market turn.
How to read the price-to-rent ratio
The ratio divides the typical list price by a year of typical rent. A higher ratio means buying is expensive relative to renting; a lower one means monthly rent is high compared with what a home costs. It's a quick way to compare cities, not a verdict for your situation.
By ZIP code
| ZIP | Median rent | Rental listings | Median list price | Sale listings |
|---|---|---|---|---|
| 85032 | $1,772/mo | 385 | $450,000 | 371 |
| 85041 | $2,000/mo | 154 | $420,000 | 244 |
| 85008 | $1,395/mo | 477 | $415,000 | 199 |
| 85033 | $1,339/mo | 144 | $330,000 | 135 |
| 85037 | $1,752/mo | 249 | $425,000 | 375 |
| 85022 | $1,420/mo | 394 | $400,000 | 316 |
| 85009 | $1,250/mo | 74 | $320,000 | 107 |
| 85035 | $1,295/mo | 159 | $359,000 | 138 |
| 85029 | $1,230/mo | 190 | $379,900 | 179 |
What this doesn't account for
Mortgage rates, your down payment, property taxes, insurance, HOA fees, maintenance, and how long you'll stay decide more than any city-wide figure. These are area numbers built from active listings; they don't know the specific home or your finances.
Source: RentCast market data for 9 of Phoenix's 43 ZIP codes (the most populous, home to 35% of residents in the city's ZIP codes, per the Census Bureau's ACS 2023). A ZIP counts only with at least 20 active listings. Retrieved October 14, 2026. Figures are listing-weighted averages of ZIP medians, not an appraisal. How Predictye calculates this.
Frequently asked questions
How much is rent in Phoenix, AZ?
Typical asking rent is $1,515 a month, across 2,226 active rental listings in 9 ZIP codes.
How much do homes cost in Phoenix, AZ?
The typical list price is $404,000, across 2,064 active sale listings in 9 ZIP codes. List prices are asking prices, not final sale prices.
What is the price-to-rent ratio in Phoenix, AZ?
About 22.2: the typical list price equals 22.2 years of typical rent. The higher the ratio, the more buying costs relative to renting.