Buy or rent: the Phoenix ratio, September 2026
The typical Phoenix-area home was worth $441,097 in September 2026, and the typical asking rent was $1,720 a month. Divide the first by a year of the second and you get the price-to-rent ratio: 21.4. A Phoenix house costs about 21 years of the rent on it.
It is the cleanest single number for whether housing is expensive relative to itself. Prices and rents are both driven by local incomes and local supply, so when they rise together the ratio holds flat and the market is simply pricier; when prices pull away from rents, buyers are paying for something other than the shelter — expected appreciation, or cheap credit. Nationally a ratio in the high teens is typical. Phoenix’s has run from 12.4 (September 2011) to 28.5 (June 2006), and it is 21.4 now, down 2.1% on the year.
Two things it is not. It is not a buy-versus-rent recommendation: that depends on mortgage rates, the tax treatment of the interest, and how long you stay, none of which is in here. And the two legs measure slightly different housing — ZHVI values the whole owner-occupied stock, ZORI tracks asking rents on units coming to market, which skew smaller and newer. The level is therefore approximate; the direction is the signal.
Source: Zillow Research, Zillow Home Value Index and Zillow Observed Rent Index, Phoenix–Mesa–Chandler MSA. The ratio is ZHVI ÷ (ZORI × 12), computed from the two series at build time rather than stored. Auto-generated each build.