A typical home in the Phoenix-Mesa-Scottsdale, Arizona metro area costs $219,100, more than the national median home value of $194,500.
The median home value in Phoenix is also higher than in Arizona as a whole, where the typical home is worth $194,300. Phoenix’s median home value is also the second highest of any metro area in the state.
Residents of areas with more expensive real estate also tend to have relatively high incomes. In Phoenix, however, the typical household earns $55,547 annually, higher than the $51,492 median household income statewide and similar to the $55,775 national figure. Phoenix has the highest median household income of any Arizona metro area.
Home values tend to be higher in dense, urban areas, where space is limited and land is more expensive as a result. In the Phoenix-Mesa-Scottsdale metro area, however, there are 288 people per square mile, slightly similar to the average urban population density of 283 Americans per square mile across all metro areas nationwide. Phoenix has the highest population density of any Arizona metro area.
Home values in the metro area may also be augmented by the health of the local job market. People often relocate for occupational reasons, and an area with lower unemployment is more likely to have more expensive real estate. The Phoenix-Mesa-Scottsdale metro area’s unemployment rate was 4.6% as of August 2016, lower than the 4.9% jobless rate nationwide.
Improved unemployment among the Phoenix-Mesa-Scottsdale workforce over the last five years — like most of the country — may have helped increase home values as a result. Since August 2011, the Phoenix unemployment rate has fallen by 4.1 percentage points. Over the same period, home values in the metro area increased by 40.8%. Nationwide, the unemployment rate improved by 4.1 percentage points as the median home value increased by 12.0%.
Areas with high home values are often fairly well-educated. In addition to the better-paying jobs that educated residents often hold, the presence of good schools and universities are likely to increase demand for nearby homes. In Phoenix, however, 29.4% of adults have at least a bachelor’s degree, a share roughly equivalent to the 30.6% of Americans with similar education nationwide.
|10||Santa Rosa, CA||$512,100|
|9||Oxnard-Thousand Oaks-Ventura, CA||$528,700|
|8||Los Angeles-Long Beach-Anaheim, CA||$540,600|
|7||Santa Maria-Santa Barbara, CA||$547,600|
|4||Urban Honolulu, HI||$629,900|
|3||Santa Cruz-Watsonville, CA||$668,300|
|2||San Francisco-Oakland-Hayward, CA||$718,400|
|1||San Jose-Sunnyvale-Santa Clara, CA||$823,700|