ZIP Code · AZ

ZIP 85016

Part of Phoenix, AZ

Pop. 37,074·Maricopa County·107th most expensive ZIP in Arizona

Median rent (all units)

$1,668/mo

Year-over-Year

+1.5%

Month-over-Month

-0.1%

vs US Median

-$264

Reported rents

Stable (Monthly)

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Most AffordableMost Expensive

ZIP 85016 · $1,668

More affordable than 60% of US ZIP codes · National median $1,932/mo

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Medians by bedroom

Rent by unit size

Studio

$1,220

1 BR

$1,329

2 BR

$1,539

3 BR

$2,055

4 BR+

$2,280

Research median

$1,539/mo

Bedroom estimates are gross rents that include essential utilities (electricity, water, gas, sewer, trash).

Rent trends

12-month history

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Last updated: October 17, 2026

From the history

What the numbers show

Compared with the peak

Rent in ZIP 85016 is 1.5% below its high of $1,694 in July 2022, at $1,668 as of September 2026.

Past year vs. the rest of Arizona

Rent in ZIP 85016 changed +1.5% over the year to September 2026. Across the 171 Arizona ZIP codes Zillow tracks, the typical change was +1.6%.

Rent vs. income since 2019

From 2019 to 2024, rent in ZIP 85016 rose 39.8% while median household income rose 46.2% ($60,085 to $87,850). Income kept ahead of rent.

Since before the pandemic

Rent in ZIP 85016 is 31.1% higher than in March 2020. Across the US, rent is up 37.3% over the same stretch.

Recent direction

Rent rose in 7 of the last 12 months.

What a typical income covers

30% of the median household income ($87,850) is $2,196 a month. That covers HUD's Fair Market Rent for up to a 2-bedroom ($2,120); a 3-bedroom is $2,830.

Rank in Phoenix

27th cheapest of 43 ZIP codes in Phoenix.

Cheaper nearby

ZIP 85014, 2 miles away, rents for 12% less ($1,461/mo), about $2,500 a year in savings.

From Zillow's monthly rent index (ZORI) for ZIP 85016. Income is the Census median household income (5-year estimates). Fair Market Rents are HUD’s, which include utilities.

Annual cost

$20,016/yr

At $1,668/mo median

Location

CityPhoenix

StateAZ

CountyMaricopa County

Rent Market Meter

Balanced Market

Renter's MarketBalancedLandlord's Market

Rents are roughly steady, with neither renters nor landlords holding a strong edge right now.

Based on rent-price momentum (+1.5% YoY, -0.1% MoM), not inventory.

Demographics

Who lives here

ZIP 85016 (Phoenix, AZ) is roughly split between renters and owners, skews toward younger working-age adults, 54.3% of residents hold a bachelor's degree or higher.

Population

37,074

Median income

$87,850

Median age

36.9

Renters

48.9%

Age distribution

13%

34.3%

24.5%

16.5%

Under 1813%

18–3434.3%

35–5424.5%

55–6411.8%

65+16.5%

Gender

48%

52%

Male48%

Female52%

Race & ethnicity

63.7%

29.4%

White63.7%

Black2.8%

Hispanic29.4%

Asian5.2%

Education (25+)

15.7%

24%

54.3%

No HS diploma6%

HS diploma15.7%

Some college24%

Bachelor's+54.3%

Housing tenure

51.1%

48.9%

Owner51.1%

Renter48.9%

Source: U.S. Census Bureau · ACS 2024 5-Year Estimates

2021 vs 2026

How ZIP 85016 in Phoenix, AZ has changed in 5 years

Rent

$1,386 → $1,668

up 20.3%

Income

$71,318 → $87,850

up 23.2%

Population

36,320 → 37,074

up 2.1%

Renter share

50.5% → 48.9%

-1.6 pts

Bachelor's+

47.3% → 54.3%

+7.0 pts

Median age

37.6 → 36.9

-0.7 yrs

Compared with 2021, rent in ZIP 85016 in Phoenix, AZ has increased by $282 per month, settling near $1,668 after starting the period at $1,386. Household income in the area moved from $71,318 to $87,850 across the same window, up 23.2% versus 2021. Headcount in the area went from 36,320 to 37,074 between 2021 and 2024, a 2.1% change. About 48.9% of households rent today, against 50.5% in 2021. Educational attainment has shifted as well, with the share of adults holding a bachelor's degree or higher climbed from 47.3% to 54.3%. Reading these numbers side by side helps frame whether current listings in ZIP 85016 in Phoenix, AZ look reasonable against where the market sat half a decade ago.

Community

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About renting in ZIP 85016

Last updated: October 17, 2026

ZIP code 85016 covers Phoenix, AZ. The median rent here is $1,668/mo as of October 2026. A 1-bedroom rents for a median of $1,329/mo. A 2-bedroom rents for a median of $1,539/mo.

At 23% of local median household income ($87,850/yr), ZIP 85016 ranks as affordable compared to the national benchmark of 30%. Rents have increased 1.5% over the past year.

FAQ

Frequently asked questions

How much income do you need to rent in ZIP 85016?

To keep rent at or below 30% of gross income, you would need to earn at least $67,000/year (about $32/hour full-time) to afford the median rent of $1,668/mo in ZIP 85016. The local median household income is $87,850/yr, so the typical household meets that bar.

Is rent going up or down in ZIP 85016?

Rent in ZIP 85016 has risen 1.5% over the past year as of September 2026. It sits 1.5% below its high of $1,694 in July 2022.

Has rent outpaced income in ZIP 85016?

No. From 2019 to 2024, rent in ZIP 85016 rose 39.8% while median household income rose 46.2%, from $60,085 to $87,850. Rent is Zillow's yearly average; income is the Census 5-year estimate for the same years.

How does ZIP 85016 compare to other ZIPs in Arizona?

ZIP 85016 is in the middle among Arizona ZIP codes for rent, ranking #107 of 183 at $1,668/mo. Over the year to September 2026, rent in ZIP 85016 changed +1.5%, against a typical +1.6% across the 171 Arizona ZIP codes Zillow tracks.