Arizona and Nevada see major increases in housing costs
Rent in Arizona and Nevada has been increasing over the past two years. This increase has many residents spending 30% or more of their monthly income on keeping a roof over their heads.
Arizona went from 46.5% to 54% of their renters spending at least 30% of their budget on rent – and Nevada went from 48.4% to 53.7% of renters.
Nationwide, approximately 22 million renters are shouldering that percentage. Anyone paying more than 30% is considered “cost-burdened,” according to the U.S. Department of Housing and Urban Development, and may struggle to pay for other necessities, such as food, clothing, transportation, and medical care. – TIM HENDERSON – North Platte Post contributor
Alison Cook-Davis, Associate Director for Research at Arizona State University’s Morrison Institute for Public Policy, said,
“Because of Arizona’s low wages, a housing shortage, along with short-term rental agreements and vacation homes, it is eating away at the stock of affordable housing for renters.”