Phoenix’s supplied current Zillow typical home value is $410,222 and typical observed monthly market rent is $1,569. Their implied gross yield is 4.59%, before property tax, insurance, maintenance, management, vacancy, utilities, financing and capital work. The value equals 5.04x median household income, while annual market rent equals 23.16%; these are citywide affordability screens, not a subject property's achievable economics.
Phoenix has 653,065 housing units, of which 6.53% are vacant; renters occupy 42.66% of occupied units. ACS surveyed occupied housing reports a $420,700 median owner-reported home value and $1,582 median gross rent. ACS gross rent includes contract rent plus selected utilities, whereas Zillow's ZORI is observed market rent and ZHVI is a typical city value. Different measures and periods mean these series should not be averaged or read as direct premiums.
Within Phoenix, 51.76% of rent-paying households spend at least 30% of income on gross rent, a citywide affordability constraint. Single-family structures are 64.58% of housing units and large multifamily structures are 15.91%, describing stock rather than listings. Among vacant units, 30.56% were classified for rent; that reason share is not available investment inventory or evidence of rapid leasing. Population was 0.57% higher across the overlapping ACS five-year vintages, not an annual rate, and boundary changes may matter. Median household income is $81,332, while poverty is 13.70% and unemployment is 5.04%. These demand descriptors do not establish causality or subject-level tenant depth.
In Maricopa County, listings had a 64-day median market time and 28.89% had price reductions, county-wide negotiation context rather than Phoenix city performance. Across the broader Phoenix metro, jobs increased 0.23% year over year; this metro labor measure does not isolate city employment. The broader Phoenix metro had 3.5 months of supply, a market measure that does not count city investment inventory. The national Freddie Mac 30-year mortgage rate is 6.58%, a financing benchmark rather than a property quote.
The main limitations are citywide aggregation, mismatched source periods, survey error and no property-level expense, condition, insurance, financing or lease data. For a specific address, verify asking price, achievable unit rent, concessions, occupancy, taxes, insurance and hazard quotes, association charges, utilities, management, repair scope and capital reserves. Confirm legal use, permit history and comparable leases and sales. Recalculate net operating income, debt service, cash needs and break-even occupancy; citywide gross yield is not a return estimate.