The stretch on Arizonians' wallets persists as the state's housing crisis deepens, with a dire lack of affordable options putting the pinch on residents. Real estate professor Mark Stapp from Arizona State University indicated, "The problem is getting worse." The median home price in Phoenix soars at around $520,000, with neighboring areas even steeper, spelling trouble for potential homeowners across the spectrum, according to 12 News.
In a fight against climbing interest rates and hearty prices, Arizonians are cornered. Jim Rounds, an economist and CEO at Rounds Consulting Group, highlighted a coping mechanism, predicting an uptick in home improvement spending "at the Home Depots and the Lowes," as homeowners attempt to make the most of their current properties, Rounds as per 12 News.
For renters, the situation is equally grim. Nearly half of Maricopa County's renters are spending over 30% of their income on rent, according to the Maricopa Association of Governments (MAG), and a staggering quarter dedicate more than half their paycheck to keep a roof over their heads. The story of Carol Moore, a great-grandmother on Social Security, is emblematic of the hardships faced. "I just try to make it work the best I can," Moore said, as she juggled her finances to afford the rent that consumes 82% of her meager income.
Phoenix Housing Manager Joseph MacEwan acknowledges the shortage of approximately 100,000 affordable rental units identified back in 2020. Phoenix is looking to combat the challenge by partially easing regulations and dedicating 144 parcels of city-owned land to affordable housing. But, seeing the construction of only 4,000 affordable rental units in three years, it is a case of too little, too late. "We absolutely need help from elsewhere," MacEwan told 12 News, as the need for private sector involvement becomes increasingly acute.
