6 Nov 6th-Nov 12th, 2025 phoenixnewtimes.com PHOENIX NEW TIMES | NEWS | FEATURE | FOOD & DRINK | ARTS & CULTURE | MUSIC | CONCERTS | CANNABIS | Shot in the Arm Fixing Arizona’s housing crisis could create 126K jobs, study says. BY MORGAN FISCHER A rizona used to be an afford- able housing paradise. But today, few residents would describe it that way. Over the last 10 years, rent for a two-bedroom apartment in Arizona has increased by nearly 66%, now costing renters an average $1,671 a month. The average home price has skyrocketed even more, more than doubling to $434,797. Mortgage rates have also nearly doubled. At the same time, incomes in Arizona have failed to keep pace, with the median Arizona income increasing only 24% in the last decade. Nearly every Arizonan has felt the crunch. According to voter survey findings from the nonpartisan think tank Center for the Future of Arizona, nearly 85% of Arizona voters find rental and housing prices to be “too high.” A separate, earlier study found more than one in four residents have thought of leaving the state over housing costs. CFA’s study noted that more than 30% of Arizona residents — roughly 823,100 households — pay more than the recom- mended 30% of their income on housing costs, leaving them financially burdened. Relatedly, Maricopa County landlords filed a record-breaking 87,000 evictions last year. But if those facing high housing costs had access to affordable housing — specif- ically, if the share of their incomes spent on housing could be lowered to 30% or less — the knock-on effect would be the creation of more than 126,400 jobs, the CFA study found. “Increasing affordable housing can reduce the financial strain on families and enable them to allocate more resources toward essentials like education, health care and transportation,” the study states. “This reallocation not only improves the quality of life but also contributes to a healthier and more productive workforce.” CFA’s study used Arizona-specific socio- economic and demographic data, as well as publicly available reports and national data sets, to imagine the impact on Arizona’s economy if no one was cost-burdened by housing. According to a National Equity Atlas report referenced in the study, such housing relief could result in an additional $8,400 per year on average for each currently cost-burdened household. With that chunk of change no longer being spent on housing costs, that money could trickle down into the larger state economy. The study calculated that the additional $8,400 per year for affected families could result in an additional $6.9 billion a year “direct consumer spending and economic activity” in Arizona, translating to a total of $13.6 billion in total economic output for the state as a whole. This influx of billions of dollars into Arizona’s economy would support approximately 126,400 additional jobs, the study said. “If families have more disposable income, they’re able to frequent more places,” said Phoenix City Councilmember Anna Hernandez, a stalwart housing advo- cate, about the study’s findings. An aerial view of a housing development in Buckeye. (Mario Tama/Getty Images) >> p 8 | NEWS | | NEWS |
