Phoenix - AZ vs San Francisco - CA: 2026 Housing Comparison

What this means for buyers

San Francisco - CA is roughly 154% more expensive than Phoenix - AZ in typical home value. Homes sit on market longer in Phoenix - AZ (38 days vs 16), suggesting more buyer leverage there. Phoenix - AZ sees more listings with price cuts (32.0% vs 21.2%), a sign of softening seller expectations.

Phoenix vs San Francisco: what the numbers say

At today's 7.32% average 30-year rate with 20% down, the typical home would cost about $2,424 a month in principal and interest in Phoenix and $6,157 in San Francisco, a gap of $3,733 a month.

Typical rent runs $1,720 in Phoenix and $3,445 in San Francisco, so the mortgage payment alone is 1.4 times rent in Phoenix and 1.8 times rent in San Francisco, before taxes and insurance.

Home prices are 21.4 years of rent in Phoenix and 27.1 in San Francisco; the lower ratio in Phoenix means buying there is cheaper relative to renting.

Over the last 23 months typical values moved -4.5% in Phoenix and -0.6% in San Francisco; over just the last three months the change was -0.4% in Phoenix and +1.4% in San Francisco.

Homes sell for 97.9% of list price in Phoenix and 106.1% in San Francisco, after 38 and 16 days on the market, with price cuts on 32% and 21% of listings. All three signs point the same way: buyers have more room to negotiate in Phoenix.

The number of homes for sale is up 2% on a year ago in Phoenix and down 13% on a year ago in San Francisco.

Payments assume a 30-year fixed loan at the Freddie Mac weekly average rate (2026-10-22), 20% down, principal and interest only. Home values, rents and market figures are Zillow Research metro data.