Home value appreciation was greater than median annual earnings in 25 of the largest 38 U.S. metro areas in 2021, a new Zillow report found, and Phoenix was no exception.

Typical home value appreciation exceeded $100,000 in 11 metro areas, including in the Phoenix-Mesa-Scottsdale region, where it was $103,400. That’s nearly double the area’s median salary of $52,000. So the typical Phoenix area home did earn more in 2021 than its owner did. 

What does that all mean? Well, homeowners are in a good spot, while those trying to save up for a down payment or are in a renting situation have more work to do. 

Zillow’s report found the typical full-year rent in Phoenix-Mesa-Scottsdale increased by more than $4,600 last year, the fifth-highest increase in the nation behind only the Miami, Tampa, New York City and San Diego areas. 

“While homeowners watched their assets multiply in 2021, the chasm separating many renters from homeownership widened, as home prices skyrocketed and rising rents eroded their ability to save for a down payment,” the report said.