Builders Patch | HousingCount: Arizona affordable housing data and latest news
Arizona
Summary
Arizona state is facing an acute affordable housing crisis. For every 100 low-income renter households, there are 56 units available that are affordable to them. The median rent in the state has risen by 37% since 2010, while median household incomes have grown by 41%. Currently, the state is short over 93,048 low-income housing units, meaning rental units that are affordable to households earning ≤60% of AMI.
Statistics:
- 34.2% share of renter households
- 39.6% share of low-income households
- 45.0% share of rent-burdened households
Renter population data
| Type | Households | % share |
|---|---|---|
| Renter households | 917,899 | 34.2% |
| Homeowner households | 1,765,658 | 65.8% |
| Total households | 2,683,557 | 100.0% |
Low-income renter households
| Income Group | Households | % share |
|---|---|---|
| Extremely low-income (≤30% AMI) | 119,759 | 13.0% |
| Very low-income (31-50% AMI) | 93,901 | 10.2% |
| Low-income (51-80% AMI) | 149,895 | 16.3% |
| All low-income (<80% AMI) | 363,555 | 39.6% |
Rent-burdened households
| Burden Type | Households | % share |
|---|---|---|
| Moderately rent-burdened | 216,571 | 23.6% |
| 30.0–34.9% | 79,296 | 8.6% |
| 35.0–39.9% | 58,411 | 6.4% |
| 40.0-49.9% | 78,864 | 8.6% |
| Severely rent-burdened | 196,099 | 21.4% |
| All rent-burdened households | 412,670 | 45.0% |
Affordable housing shortage
| Metric | Amount ($) |
|---|---|
| Median household income in 2010 | 32,792 |
| Median household income in 2021 | 46,290 |
| Median rent in 2010 | 726 |
| Median rent in 2021 | 994 |
| Supply (current stock) | 120,612 |
| Demand (total units needed) | 213,660 |
| Total shortage | 93,048 |
| Supply/Demand ratio | 56.5% |
Housing news
Key Takeaways
- How Fed Rate Cuts Impact the Housing Market: The Federal Reserve’s recent rate cuts will influence the housing market, reducing mortgage rates and potentially encouraging more home sales.
- Housing Market Predictions: Economists predict the housing market won't recover until at least 2026.
- Homeless Populations: In 2023, Arizona had about 14,237 homeless individuals, placing it among the states with the largest homeless populations.
- Widening Affordability Gap: The overall housing affordability crisis in the U.S. is worsening, with only 63% of counties now affordable for median-income households.
- New Housing Initiatives: Various organizations, including the Biden Administration, are announcing efforts to boost affordable housing development and reduce legal barriers.
- Diverse Trends in Home Buying: There is an increasing rate of Black homeownership predicted, along with ongoing challenges like affordability and access to financing.