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Home/Housing Assessments/Maricopa County, AZ

Maricopa County, AZ

Housing Needs Assessment

DemographicsEconomyHomeownershipHousing Supply

Demographics

Population

4.65M

2025

5-Year Growth Rate

+2.41%

2021-2025

Median Age

36.5

2024

Foreign Born

15.8%

2024

Age 65+

16.1%

2024

AI Summary

Maricopa County remains one of the fastest-growing counties in the nation, with a population of 4.65 million and an annualized growth rate of 2.41%. The county's appeal spans demographics, attracting young professionals, families, and a substantial retiree population.

The 65+ population at 16.1% reflects Phoenix's status as a retirement destination, while the relatively young median age of 36.5 indicates balanced growth across age cohorts. The foreign-born share of 15.8% contributes to a diverse workforce supporting the county's expanding economy.

Economy

Median Income

$72.8K

2024

Unemployment Rate

3.8%

2025 EOY

Total Employment

2.18M

2025

5-Year Income Growth

+3.56%

2019-2024

AI Summary

Maricopa County's economy has diversified significantly, with a median income of $72,800 and steady employment growth across technology, healthcare, and manufacturing sectors.

Homeownership

Homeownership Rate

62.4%

Median Home Value

$385K

5-Year Change

-0.9 ppts

Affordability Ratio

5.29

AI Summary

Homeownership in Maricopa County remains above the national average at 62.4%, though it has declined slightly. The median home value of $385,000 combined with rapid appreciation has begun to strain affordability.

Housing Costs

Median Home Value

$385K

+8.4% annualized since 2019

Median Rent

$1,420

+5.8% annualized since 2019

Price-to-Income Ratio

5.29

median price to median income

AI Summary

Maricopa County has experienced some of the fastest housing cost growth in the Sun Belt, with home values appreciating at 8.4% annually since 2019.

Housing Supply

Total Units

1.82M

Vacancy Rate

9.4%

Multifamily Share

31.2%

Diversity Index

0.58

AI Summary

Maricopa County's housing stock of 1.82 million units is heavily tilted toward single-family homes, with a multifamily share of 31.2%. The higher vacancy rate of 9.4% reflects seasonal housing patterns.

Renter Housing Needs

Renter Median Income

$48.6K

Affordability Gap

$310

Hours to Afford Rent

48.7 hrs/wk

Unit Shortage (<$35k)

35.8K

AI Summary

Renters in Maricopa County face growing affordability pressure, with the median renter needing to work 48.7 hours per week at median wages to afford the typical apartment.

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