ZIP 85040
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12-month history
Last updated: October 17, 2026
What the numbers show
January. Asking rents in ZIP 85040 usually run 0.6% below trend in January and 1.1% above it in July, about $32 a month apart at today's median. Based on 11 years of data.
Rent in ZIP 85040 is 2% below its high of $1,894 in June 2024, at $1,857 as of September 2026.
Rent in ZIP 85040 changed +0.5% over the year to September 2026. Across the 171 Arizona ZIP codes Zillow tracks, the typical change was +1.6%.
From 2019 to 2024, rent in ZIP 85040 rose 58.3% while median household income rose 46.6% ($41,418 to $60,727). Rent outpaced income.
Rent in ZIP 85040 is 44.9% higher than in March 2020. Across the US, rent is up 37.3% over the same stretch.
Rent has risen 3 months in a row, and rose in 7 of the last 12 months.
30% of the median household income ($60,727) is $1,518 a month. That covers HUD's Fair Market Rent for up to a 1-bedroom ($1,300); a 2-bedroom is $1,530.
34th cheapest of 43 ZIP codes in Phoenix.
ZIP 85034, 2 miles away, rents for 22% less ($1,440/mo), about $5,000 a year in savings.
From Zillow's monthly rent index (ZORI) for ZIP 85040. 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.
Who lives here
ZIP 85040 (Phoenix, AZ) is roughly split between renters and owners, has a large share of families with children, has a median income below the national average, 15.4% of residents hold a bachelor's degree or higher.
Source: U.S. Census Bureau · ACS 2024 5-Year Estimates
How ZIP 85040 in Phoenix, AZ has changed in 5 years
Rent in ZIP 85040 in Phoenix, AZ has climbed 29.2% since 2021, going from about $1,437 per month to roughly $1,857 today. Census figures show median household income at $60,727 today, compared with $48,403 five years earlier. Rent outpaced income growth by roughly 3.7 percentage points, which means renters are spending a larger slice of each paycheck on housing than they did in 2021. About 52.1% of households rent today, against 54.9% in 2021. Educational attainment has shifted as well, with the share of adults holding a bachelor's degree or higher climbed from 11.7% to 15.4%. The combined trend lines point to a market that has changed measurably from where it stood in early 2021.
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Tips for renters in ZIP 85040
Last updated: October 17, 2026
ZIP code 85040 covers Phoenix, AZ. The median rent here is $1,857/mo as of October 2026. A 1-bedroom rents for a median of $1,300/mo. A 2-bedroom rents for a median of $1,530/mo.
At 37% of local median household income ($60,727/yr), ZIP 85040 ranks as moderate compared to the national benchmark of 30%. Rents have increased 0.5% over the past year.
Frequently asked questions
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How does ZIP 85040 compare to the rest of Phoenix?
At $1,857/mo, rent takes ~37% of ZIP 85040's median household income ($60,727/yr). The standard benchmark is 30%.
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