Feb 2, 2024 - News
More than half of Arizona renters are cost-burdened
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Over half of Arizona renters were burdened by the cost of their rent in 2022, per a report released by the Harvard Joint Center for Housing Studies last month.
Why it matters: People spending more than 30% of their incomes on housing are often unable to save for unexpected expenses, putting them at increased risk of eviction and homelessness.
- Metro Phoenix — and the U.S. — reported record homelessness last year.
By the numbers: About 25% of Arizona renters spent between 30% and 50% of their income on rent in 2022, per the new report.
- Another 26% forked over more than half of their income for housing.
What they found: An extended period of rising rent prices during the COVID-19 pandemic "put unaffordability at an all-time high," researchers said.
- The financial strain was felt across the income spectrum, but the burden rose most for middle-income renter households earning between $30,000 and $74,999 annually.