TEMPE, AZ — The struggle to find affordable housing has been an issue for quite some time now in Arizona as costs have skyrocketed. A newly released Arizona State University report is shedding light on how much people need to make in order to live in the Grand Canyon state.John Martinez told ABC15 he’s lived in the same apartment complex in downtown Phoenix since 2018. His rent has continually increased since he moved in.“For the same one bedroom, I used to pay $1,300. Now, I’m paying $2,300 for the same apartment,” Martinez said. He added he understands how expensive it is in downtown, wanting to choose that as Phoenix continues to boom.A new report from the Morrison Institute for Public Policy with ASU said the price of rent increased nearly 72% from 2010 to 2022.It says minimum wage workers would need to work 86 hours per week or have more than two full-time jobs, in order to afford a two-bedroom house.“The cost of renting in 2023 was about $3,000 more than it was to own a home, and that’s among renters who tend to make about $33,000 annually less than homeowners. So you are seeing the sort of disparities between the renters and the homeowners,” explained Alison Cook-Davis, the research director for the Morrison Institute …
[wpts_spin]{Read|See} the {entire|full} article {on|about} rental market trends in Arizona, or, read more news about {Arizona real estate investing|real estate investing in Arizona|real estate investing in Arizona}. We {warmly |}{welcome and |}encourage you to {mention|recommend} our site to your{ circle of|} fellow investors, {letting them |allowing them to }benefit from the valuable{ resources and|} insights we provide. {Thanks!|Thank you!}[/wpts_spin]
