Arizona Home Values Rose Above National Average
By: Tara Giltner Mar. 15, 2018
Arizona saw its median home value rise from $187,700 to $205,900 between the years 2009 to 2016. During this same time period, Arizona’s rental yield, the rate of income return of the cost associated with a property, increase from 5.49 percent to 5.69. The data, gathered from a U.S. Census Bureau survey report and analyzed by Gavop, showed the upward movement in both median household value and rental yield followed the national trend.
Arizona homes were valued above the national average, as the median value across the nation was $185,200 in 2009 and $205,000 in 2016. Median monthly rents across the nation were $842 in 2009 and $981 in 2016, compared to Arizona’s rates of $859 and $976 during the same years.
Pinal County, just northeast of Phoenix, reported the highest median rental yield on home values in 2009. With a median home value of $137,800 and median rent price of $943, the rental yield for the region was 8.21 percent. The next highest rental yield came from Yuma County, which offered a median home value of $133,800 and median rent price of $777. The county’s rental yield was 6.97 percent. Apache County, bordering New Mexico in the northeast corner of Arizona, reported the third highest median yield for the state. The region’s median home values were $84,400 and rents were $456. Rental yield for the county reached 6.48 percent.
Yavapai County, in central Arizona, reported the lowest rental yield in 2016. The median rent price for the region in 2016 was $801. With a median home value of $217,300, the rental yield on the properties was 4.42 percent. Coconino County, which encompasses part of Grand Canyon National Park, reported the second lowest yield.The median home value was $242,900 and the median rent price was $929. Therefore, the median rental yield was4.59 percent. Pima County reported a slightly higher yield of 4.63 percent. The median home value in the county was $188,500 and the median rental price was $728.
ABOUT THE AUTHOR
Tara Giltner
Tara Giltner is a freelance writer, editor and creative professional, specializing in real estate, government and community relations. She has worked in the corporate, family-owned and startup worlds, writing and managing the production of national brand rollouts, international marketing collateral and state government assignments. Clients have hired her to draft business plans and write grant applications; define marketing strategies and create communications plans; write and build websites, blogs, newsletters and marketing collateral; and help sell skyscraper investments.
