By Catherine Reagor | Arizona Republic
Too many metro Phoenix homebuyers and renters still can’t get a break.
The Valley’s housing affordability dropped to a new low at the end of 2022, despite dips in home prices and rents. Higher interest rates are making it tougher for buyers, and rents have only ticked down a bit from record highs.
Almost 82% of Valley houses were priced too high for people making the median income, according to an analysis from the Maricopa Association of Governments.
About 27% of apartment dwellers pay 50% or more of their income for rent. Spending up to 30% is considered affordable.
And the Valley’s homeless population continues to grow.
The housing crisis keeps Arizona frontline advocates who participated in an Urban Land Institute Arizona panel discussion up at night.
“It’s thinking about what raising rates will mean that keeps me up,” said Terry Benelli, executive director of LISC Phoenix, during an affordable housing panel discussion at ULI Arizona’s 2023 Trends Day event. “Or it’s thinking about my son, who is a school teacher and can’t afford a house.”
But some projects and efforts highlighted in a recent report from Vitalyst Health Foundation show important efforts are underway to help.
