Recent economic forecasts by local and national experts
seem to agree that Arizona’s housing market will continue to recover at a
reasonable and sustained rate. Gone, we hope, are the days of crazy housing
prices, unstable lending and overextended property owners. Many former
homeowners shifted into the rental market over the past few years, and it’s expected
that a large number will stay in that market for a variety of positive reasons.
The Census offers a different perspective about the
Arizona housing market in its most recent American Community Survey.
Arizona reports just over 2.3 million housing units and
842,814 of these are rental housing units, according to their most recent
report (factfinder.census. gov). With about 34 percent of Arizona’s population
renting homes, readers can learn more about how average gross rents by city and
the gross rent as a percentage of household income. Using this data to help
build a household budget can help to ensure that you are renting a home at the
right price point, and not overextending your budget.
In a recent Washington Post article by Emily Badger and
Christopher Ingraham about this census report, the pair tracked the types of
housing in different metro markets across the nation using the national data.
Arizona’s housing supply continues to be dominated by single family homes, much
different than many Eastern cities.