ZIP Code · AZ

ZIP 85023

Part of Phoenix, AZ

Pop. 35,034·Maricopa County·174th most expensive ZIP in Arizona

Median rent (all units)

$1,193/mo

Year-over-Year

+1.7%

Month-over-Month

+0.2%

vs US Median

-$739

Reported rents

Stable (Monthly)

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Most AffordableMost Expensive

ZIP 85023 · $1,193

More affordable than 92% of US ZIP codes · National median $1,932/mo

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Medians by bedroom

Rent by unit size

Studio

$873

1 BR

$947

2 BR

$1,101

3 BR

$1,471

4 BR+

$1,632

Research median

$1,101/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

Cheapest month to sign

January. Asking rents in ZIP 85023 usually run 1.6% below trend in January and 1% above it in June, about $31 a month apart at today's median. Based on 10 years of data.

Compared with the peak

Rent in ZIP 85023 is 7.8% below its high of $1,294 in April 2022, at $1,193 as of September 2026.

Past year vs. the rest of Arizona

Rent in ZIP 85023 changed +1.7% 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 85023 rose 40.9% while median household income rose 36.8% ($56,564 to $77,369). Rent outpaced income.

Since before the pandemic

Rent in ZIP 85023 is 30.5% higher than in March 2020. Across the US, rent is up 37.3% over the same stretch.

Recent direction

Rent has risen 6 months in a row, and rose in 8 of the last 12 months.

What a typical income covers

30% of the median household income ($77,369) is $1,934 a month. That covers HUD's Fair Market Rent for up to a 2-bedroom ($1,640); a 3-bedroom is $2,190.

Rank in Phoenix

3rd cheapest of 43 ZIP codes in Phoenix.

From Zillow's monthly rent index (ZORI) for ZIP 85023. The seasonal pattern compares Zillow’s seasonally adjusted and unadjusted series. Income is the Census median household income (5-year estimates). Fair Market Rents are HUD’s, which include utilities.

Annual cost

$14,316/yr

At $1,193/mo median

Location

CityPhoenix

StateAZ

CountyMaricopa County

Rent Market Meter

Landlord's Market

Renter's MarketBalancedLandlord's Market

Rents are climbing (1.7% YoY), so leverage tilts toward landlords. Act sooner rather than later.

Based on rent-price momentum (+1.7% YoY, +0.2% MoM), not inventory.

Demographics

Who lives here

ZIP 85023 (Phoenix, AZ) is majority owner-occupied, 32.8% of residents hold a bachelor's degree or higher.

Population

35,034

Median income

$77,369

Median age

37.9

Renters

40.4%

Age distribution

22.8%

22.7%

28%

14.9%

Under 1822.8%

18–3422.7%

35–5428%

55–6411.6%

65+14.9%

Gender

48.8%

51.2%

Male48.8%

Female51.2%

Race & ethnicity

64.9%

25.4%

White64.9%

Black6.5%

Hispanic25.4%

Asian5.5%

Education (25+)

26%

31.3%

32.8%

No HS diploma9.9%

HS diploma26%

Some college31.3%

Bachelor's+32.8%

Housing tenure

59.6%

40.4%

Owner59.6%

Renter40.4%

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

2021 vs 2026

How ZIP 85023 in Phoenix, AZ has changed in 5 years

Rent

$1,059 → $1,193

up 12.7%

Income

$62,185 → $77,369

up 24.4%

Population

33,985 → 35,034

up 3.1%

Renter share

41.2% → 40.4%

-0.8 pts

Bachelor's+

31% → 32.8%

+1.8 pts

Median age

36.2 → 37.9

+1.7 yrs

Five years ago, renters in ZIP 85023 in Phoenix, AZ paid around $1,059 a month. That figure now sits near $1,193, up 12.7% from the 2021 baseline. Household income in the area moved from $62,185 to $77,369 across the same window, up 24.4% versus 2021. With wages climbing faster than rent over the same window, renters here have a bit more breathing room than they did five years back. Census counts show ZIP 85023 in Phoenix, AZ adding about 1,049 residents over the five-year window, up 3.1% on net. Reading these numbers side by side helps frame whether current listings in ZIP 85023 in Phoenix, AZ look reasonable against where the market sat half a decade ago.

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About renting in ZIP 85023

Last updated: October 17, 2026

ZIP code 85023 covers Phoenix, AZ. The median rent here is $1,193/mo as of October 2026. A 1-bedroom rents for a median of $947/mo. A 2-bedroom rents for a median of $1,101/mo.

At 19% of local median household income ($77,369/yr), ZIP 85023 ranks as affordable compared to the national benchmark of 30%. Rents have increased 1.7% over the past year.

FAQ

Frequently asked questions

How much income do you need to rent in ZIP 85023?

To keep rent at or below 30% of gross income, you would need to earn at least $48,000/year (about $23/hour full-time) to afford the median rent of $1,193/mo in ZIP 85023. The local median household income is $77,369/yr, so the typical household meets that bar.

Is rent going up or down in ZIP 85023?

Rent in ZIP 85023 has risen 1.7% over the past year as of September 2026. It sits 7.8% below its high of $1,294 in April 2022.

When is the cheapest time to rent in ZIP 85023?

Asking rents in ZIP 85023 are usually lowest in January, about 1.6% below their yearly trend, and highest in June, about 1% above it. At today's median that is a gap of roughly $31 a month. This pattern comes from 10 years of Zillow rent data.

Has rent outpaced income in ZIP 85023?

Yes. From 2019 to 2024, rent in ZIP 85023 rose 40.9% while median household income rose 36.8%, from $56,564 to $77,369. Rent is Zillow's yearly average; income is the Census 5-year estimate for the same years.

How does ZIP 85023 compare to other ZIPs in Arizona?

ZIP 85023 is one of the more affordable among Arizona ZIP codes for rent, ranking #174 of 183 at $1,193/mo. Over the year to September 2026, rent in ZIP 85023 changed +1.7%, against a typical +1.6% across the 171 Arizona ZIP codes Zillow tracks.