The Arizona Research Center for Housing and Economic Solutions (ARCHES) recently disclosed figures that should raise eyebrows across the state. As pointed out by Alison Cook-Davis, Research Director at the ASU Morrison Institute for Public Policy, “It’s kind of a first for Arizona because we’re known to be such an affordable state.” But the illusion of affordability may be shattering, with the state’s cost of living exceeding the national average, largely due to escalating housing costs. According to ABC15, homeowners and renters are buckling under the weight of “cost-burden,” described as spending over 30% of income on housing—a situation affecting 22% of homeowners and an alarming 54% of renters statewide.
An ASU study highlights a particularly troubling trend: wage growth cannot keep pace with housing costs. In the data obtained by the ASU News, the median incomes fall short for a single person to afford even a one or two-bedroom apartment, across the top five occupational groups in Arizona.
Despite a 2023 spike in housing construction, the median wage earners are struggling to find a foothold in an increasingly unaffordable market. Cook-Davis underscored the urgency of the situation, indicating that “especially for housing at the median income levels” there is a “dire need,” according to ABC15…