In the Phoenix metro area, homebuyers must earn about $115,987 to afford the median-priced home, compared with $69,122 to afford the typical rental — a 68% premium to buy. Still, Phoenix is one of the few major metros where the income needed to rent has dipped slightly year over year, signaling modest relief for renters even as buying remains out of reach for many. Statewide and nationally, the rent-versus-buy gap is narrowing as mortgage rates ease and wages rise, but homeownership continues to demand far higher incomes than renting.
