How much is a home worth in ZIP code 85023?

The typical home in 85023 is worth $420,806, based on the Zillow Home Value Index.

Are home values rising in 85023?

Home values in 85023 are down 2.2% over the past year, and up 3.8% a year over five years.

What is the typical rent in 85023?

A typical home in 85023 rents for about $1,295 a month, a gross rental yield of 3.7%.

What is the property tax rate in 85023?

The effective property tax rate in 85023 is 0.5% — roughly $2,307 a year on a typical home.

ZIP code 85023 has a population of 35,034 and a median household income of $77,369.

HousingHandbookReference data

…

U.S. ZIP Code · AZ85023

Maricopa County · Phoenix-Mesa-Chandler, AZ

Typical home value

$420,806^[1]

Zillow Home Value Index, as of April 2026

Appreciation

1-year: -2.2%
5-year / yr: +3.8%
10-year / yr: +6.6%

Relative price

vs U.S.: +48.1%
vs metro: -5.6%
vs state: +8.1%

Price history

Zillow Home Value Index — monthly, smoothed and seasonally adjusted.

The typical home in 85023 is worth $420,806 — 5.6% below the Phoenix-Mesa-Chandler, AZ median. Over the past year, values have fallen 2.2%. Homes here rent for a typical $1,295 a month — a 3.7% gross rental yield. The effective property tax rate is 0.5%.

#Rent & investment

Typical asking rent, and the returns it implies at the current home value.

Monthly rent: $1,295^[2]
Gross yield: 3.7%^[2]
Cap rate: 2.2%^[2]

#Property tax

Effective rate — total real estate taxes paid relative to total home value.

Effective tax rate: 0.5%^[3]
Typical annual tax: $2,307^[3]

#Climate risk

FEMA National Risk Index ratings for Maricopa County. "Not Applicable" means the hazard does not threaten the county.

Overall risk: Very High^[4]
Riverine flood: Very High
Coastal flood: Not Applicable
Wildfire: Relatively High
Drought: Relatively High
Heat wave: Very High
Hurricane: Very Low
Tornado: Relatively Moderate
Earthquake: Relatively Moderate
Winter weather: Relatively Low

#Who lives here

Population: 35,034^[3]
Median household income: $77,369^[3]

#Migration

Household moves in and out of Maricopa County over a year, from IRS tax-return data.

Net migration: +5,261^[5]
Moved in: 91,952
Moved out: 86,691

Schools

Open public schools in this ZIP, from the NCES Common Core of Data.

Public schools: 9
Elementary: 6
Middle: 1
High: 2

Thunderbird High School
High · Grades 9–12 · Glendale Union High School District (4285)
1,547 students
Lookout Mountain School
Elementary · Grades PK–6 · Washington Elementary School District (4260)
949 students
Mountain Sky Middle School
Middle · Grades 7–8 · Washington Elementary School District (4260)
696 students
Hearn Academy The - A Ball Charter School
Elementary · Grades K–8 · Ball Charter Schools (Hearn) (4294)
689 students
Constitution Elementary School
Elementary · Grades PK–6 · Deer Valley Unified District (4246)
597 students

Run the numbers

Interactive calculators pre-filled with this ZIP's typical home value, rent, and property-tax rate. Edit any field to recompute.

Home value$Monthly rent$

Gross yield3.7%

Net yield (after ~40% expenses)2.2%

Annual rent$15,546

Gross and net yield are estimates based on the inputs and the selected expense ratio. Actual income and expenses will vary by property and market. Not investment advice.

Home price$Down payment%Interest rate%Loan termyears

Monthly payment$2,128

Loan principal$336,645

Down payment$84,161

Total interest paid$429,372

Estimated monthly payments include principal and interest only. Actual costs will include property tax, insurance, possibly PMI, and HOA fees not modeled here. Loan terms shown are estimates; consult a licensed lender for current rates and qualification.

Home price$Monthly rent$Down payment%Mortgage rate%Property tax rate% / yrMaintenance% / yrRule of thumb: 1% of home value per year.

Own : rent ratio2.06

Monthly cost to own$2,671

Monthly rent$1,295

Renting is meaningfully cheaper month-to-month.

This calculator projects multi-year scenarios based on assumptions about appreciation, rent growth, and investment returns — none of which are guaranteed. Actual outcomes depend on variables this tool cannot know. Not financial or real estate advice.

#Metro ranking

Where this ZIP sits among others in its metro area.

Appreciation: 27th percentile^[1]
Rental yield: 12th percentile^[2]
Property tax: 86th percentile^[3]

Frequently asked

How much is a home worth in ZIP code 85023?: The typical home in 85023 is worth $420,806, based on the Zillow Home Value Index.
Are home values rising in 85023?: Home values in 85023 are down 2.2% over the past year, and up 3.8% a year over five years.
What is the typical rent in 85023?: A typical home in 85023 rents for about $1,295 a month, a gross rental yield of 3.7%.
What is the property tax rate in 85023?: The effective property tax rate in 85023 is 0.5% — roughly $2,307 a year on a typical home.
Who lives in 85023?: ZIP code 85023 has a population of 35,034 and a median household income of $77,369.

#Comparable ZIPs

Same metro, nearest typical home value. Each card shows the comparable ZIP's headline numbers so you can scan at a glance.

85354 vs 85023 →
Buckeye, AZ
Typical home
$417,502
Gross yield
—
85004 vs 85023 →
Phoenix, AZ
Typical home
$424,581
Gross yield
4.9%
85379
Surprise, AZ
Typical home
$425,020
Gross yield
5.6%
85006
Phoenix, AZ
Typical home
$415,545
Gross yield
4.0%
85392
Avondale, AZ
Typical home
$412,607
Gross yield
5.0%
85007
Phoenix, AZ
Typical home
$412,135
Gross yield
3.7%

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Pit ZIP 85023 against any other ZIP — full side-by-side table.

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#Jump to section

U.S. ZIP Code · AZ85023

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