Fast-rising rents in Phoenix mean housing costs are out of reach for more residents, and the city is no longer considered a place where affordable housing is easy to find.
"Phoenix long has been considered an inexpensive place to live, but that may be changing. Even some middle-class people are struggling to make ends meet as the desert city experiences some of the nation’s fastest-rising rents, jumping as much as 7% over the past year," writes Anita Snow.
Californians looking for more affordable housing options and snowbirds heading to the city in the winter are part of the reason rents and home prices have quickly risen. In addition, salaries are also not keeping up with housing costs, and the supply of affordable housing is far behind what the city needs.
"Advocates say more initiatives are needed to create affordable housing, like a nonprofit financial institution that provides loans to build apartments for working families along the city’s light rail," notes Snow. They also say that the state’s housing trust fund should be better funded to address housing issues.
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