How much do households in the Phoenix, AZ area spend on rent?
Data updated September 16, 2024
About $1.43K, or 30.4% of their income, in 2018–2022. This was measured by comparing median rent and median monthly income for renting households.
Showing data for
In 2018–2022, median rent was
30.4%
of median income
In 2018–2022,
$1.43K
was the median rent per month
Comparing rent to renter income provides one measure of rental affordability.
Phoenix, AZ area’s median rent was about $1.43K per month in 2018–2022. Typical monthly income among renting households was about $4.71K per month during that same period.
A typical household spent about $1.43K on rent in the Phoenix, AZ area.
Median rent and median renter household income, 2018–2022
Dividing rent by income provides what is called a rent-to-income ratio. A higher ratio of rent-to-income indicates rent is less affordable while a lower ratio indicates greater affordability.
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The Department of Housing and Urban Development considers households with a rent-to-income ratio of more than 30%, that is, households that spend more than 30% of their income on housing, to be cost-burdened. Cost-burdened households may have less money for other necessities such as food, healthcare, or savings. When median monthly rent is more than 30% of median monthly income, it means a typical household would meet the definition of housing cost-burdened.
Phoenix, AZ area's rent-to-income ratio ranked 3 out of 7 Arizona metros.
Ratio of median rent to median renter household income, 2018–2022
Compared to other metro areas in Arizona, the Phoenix, AZ area had the highest median rent and highest median renter-household income. Out of the seven metros in the state, the Phoenix, AZ area’s rent-to-income ratio ranked fifth lowest.
The large metro average rent-to-income ratio was 31.4%.
Ratio of median rent to median renter household income, 2018–2022
The Phoenix, AZ area was a large metro. Large metros are defined as having over 1 million people. Compared to other large metros, the Phoenix, AZ area’s rent-to-income ratio was lower than is typical during 2018–2022. The average among large metros was 31.4% in 2018–2022, 1.0 percentage points higher than that of the Phoenix, AZ area.
Renter income and rent, large metro areas (2018–2022)
| 1. | Atlanta, GA area | $4,480 |
| 2. | Baltimore, MD area | $4,588 |
| 3. | Birmingham, AL area | $3,306 |
| 4. | Boston, MA area | $5,388 |
| 5. | Buffalo, NY area | $3,131 |
| 6. | Charlotte, NC area | $4,307 |
| 7. | Cincinnati, OH area | $3,462 |
| 8. | Cleveland, OH area | $3,222 |
| 9. | Columbus, OH area | $4,100 |
| 10. | Dallas, TX area | $4,738 |
