Phoenix, AZ home values, income, and owner costs

Start with the dated local finding: In Phoenix, AZ, the 2024 ACS reports a median owner-occupied home value of $420,700, median household income of $81,332, and median selected monthly owner costs of $1,847 for owners with a mortgage. Together, those three reference points may still help a borrower identify which search-price, income, and recurring-cost assumptions need current verification first. They remain separate medians, not the finances of one representative household, and the $1,847 measure combines recurring ownership expenses in place of real estate taxes alone. For borrower planning, a useful affordability review starts with $420,700, $81,332, and $1,847, then replaces them with the borrower's documented income, cash, debts, property taxes, insurance, association charges, loan terms, and intended occupancy.

Phoenix, AZ's $420,700 median home-value estimate is above the statewide $394,500 estimate, with a reported city-to-state gap of 6.6%. That 6.6% gap is useful for showing that a statewide midpoint may be a poor substitute for a local search range in Phoenix, AZ. It does not mean every local property is 6.6% away from a comparable property elsewhere in the state, because the medians reflect different housing mixes and geographies. For borrower planning, borrowers may use $420,700 and $394,500 to decide which assumptions need local replacement first, then compare actual properties and current financing disclosures on the same basis.