By Jason Stone | YourValley
A recent housing study that looked at Surprise’s housing market is showing bad news for renters and those who need affordable housing.
Colorado-based Matrix Design Group, Inc., has told the city that renter incomes have failed to keep pace with rising rents, leaving most renters cost-burdened.
It also found Surprise has among the lowest share of affordable rental units in the West Valley, and homeownership has become tougher for many because of home prices that continue to creep up.
The Matrix’s findings were delivered to the City Council, the Planning and Zoning Commission and the Veterans, Disability and Human Services Commission in June, shedding more light on the problem of high rents and low supply in the Valley’s far northwest city.
The study found the most affordable rental units are likely to continue to be in short supply as the workforce grows and market rate units continue.
Plus, Matrix predicts deficits of affordable and luxury owner homes are expected to grow in the future.
