How much is a home worth in ZIP code 85040?

The typical home in 85040 is worth $321,736, based on the Zillow Home Value Index.

Are home values rising in 85040?

Home values in 85040 are down 3.9% over the past year, and up 3.9% a year over five years.

What is the typical rent in 85040?

A typical home in 85040 rents for about $1,897 a month, a gross rental yield of 7.1%.

What is the property tax rate in 85040?

The effective property tax rate in 85040 is 0.4% — roughly $1,427 a year on a typical home.

ZIP code 85040 has a population of 34,117 and a median household income of $60,727.

HousingHandbookReference data

…

U.S. ZIP Code · AZ85040

Maricopa County · Phoenix-Mesa-Chandler, AZ

Typical home value

$321,736^[1]

Zillow Home Value Index, as of April 2026

Appreciation

1-year: -3.9%
5-year / yr: +3.9%
10-year / yr: +9.2%

Relative price

vs U.S.: +13.3%
vs metro: -27.9%
vs state: -17.3%

Price history

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

The typical home in 85040 is worth $321,736 — 27.9% below the Phoenix-Mesa-Chandler, AZ median. Over the past year, values have fallen 3.9%. Homes here rent for a typical $1,897 a month — a 7.1% gross rental yield. The effective property tax rate is 0.4%.

#Rent & investment

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

Monthly rent: $1,897^[2]
Gross yield: 7.1%^[2]
Cap rate: 4.2%^[2]

#Property tax

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

Effective tax rate: 0.4%^[3]
Typical annual tax: $1,427^[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: 34,117^[3]
Median household income: $60,727^[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: 18
Elementary: 12
Middle: 1
High: 4

South Mountain High School
High · Grades 9–12 · Phoenix Union High School District (4286)
2,171 students
Irene Lopez School
Elementary · Grades PK–8 · Roosevelt Elementary District (4279)
481 students
Pioneer Technology & Arts Academy of Arizona
Elementary · Grades K–8 · Pioneer Technology & Arts Academy of Arizona (4340)
432 students
Cesar E Chavez Community School
Elementary · Grades PK–8 · Roosevelt Elementary District (4279)
417 students
Reyes Maria Ruiz Leadership Academy
Elementary · Grades PK–6 · Espiritu Community Development Corp. (92250)
352 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 yield7.1%

Net yield (after ~40% expenses)4.2%

Annual rent$22,761

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$1,627

Loan principal$257,389

Down payment$64,347

Total interest paid$328,286

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 ratio1.06

Monthly cost to own$2,013

Monthly rent$1,897

Owning and renting are roughly even.

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: 30th percentile^[1]
Rental yield: 97th percentile^[2]
Property tax: 46th percentile^[3]

Rankings

Top-10 lists this ZIP code appears on.

Frequently asked

How much is a home worth in ZIP code 85040?: The typical home in 85040 is worth $321,736, based on the Zillow Home Value Index.
Are home values rising in 85040?: Home values in 85040 are down 3.9% over the past year, and up 3.9% a year over five years.
What is the typical rent in 85040?: A typical home in 85040 rents for about $1,897 a month, a gross rental yield of 7.1%.
What is the property tax rate in 85040?: The effective property tax rate in 85040 is 0.4% — roughly $1,427 a year on a typical home.
Who lives in 85040?: ZIP code 85040 has a population of 34,117 and a median household income of $60,727.

#Comparable ZIPs

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

85035 vs 85040 →
Phoenix, AZ
Typical home
$321,778
Gross yield
5.0%
85031 vs 85040 →
Phoenix, AZ
Typical home
$323,034
Gross yield
5.1%
85033
Phoenix, AZ
Typical home
$326,658
Gross yield
4.9%
85019
Phoenix, AZ
Typical home
$327,424
Gross yield
5.9%
85301
Glendale, AZ
Typical home
$314,321
Gross yield
4.4%
85363
Youngtown, AZ
Typical home
$310,616
Gross yield
5.8%

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Pit ZIP 85040 against any other ZIP — full side-by-side table.

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#Jump to section

U.S. ZIP Code · AZ85040

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