In the City of Phoenix, the COVID-19 pandemic and economic downturn intensified the already existing housing crisis. Phoenix residents, as well as residents in other cities across the country, experienced job losses, which made it even more challenging to afford a place to live.
According to Housing and Urban Development’s 2023 Fair Market Rents, in Arizona the cost of a two-bedroom apartment is $1,740. To afford this level of rent, as well as utilities, a household would need to earn $69,600 annually, or an hourly wage of $33.46 – more than almost $20 above Arizona’s minimum wage.
To assist residents with this challenge, Phoenix Mayor Kate Gallego announced the city’s first-ever Housing Phoenix Plan, which establishes a goal of creating or preserving 50,000 homes by 2030 to address the housing shortage in Phoenix.
*New units created are based on certificate of occupancy data from October 2019 to present. Preserved units include the following city programs: landlord incentive, rental rehabilitation, rental assistance demonstration and community land trust pilot. Affordable and/or market rate unit counts based on available data from Housing Department projects and Apartment Insights rental rate information.