Phoenix renters are paying more, but market remains cheaper than other U.S. cities
According to a news analysis by Abodo, a Wisconsin-based real estate company, 49 percent of renters in Phoenix are spending more than 30 percent of their income on rent.
The Phoenix Business Journal indicates that spending more than 30 percent of your income on housing brings on financial stress.
However, living in Phoenix still considered relatively cheap while looking at the big picture. The Valley of the Sun ranks 54th out of the largest 100 cities in the United States when it comes to people spending in the 30 percent-range for rent.
Rent in Scottsdale, Tempe and downtown Phoenix has continually gone up, which makes the Phoenix metro-area cheaper in comparison.
The top three locations where people are spending the highest percentage of their income on rent are Miami/Fort Lauderdale (64 percent), Honolulu (59 percent) and Daytona Beach (58.9 percent).
- Phoenix area posts second-largest increase in construction jobs in US
- Multiple Arizona cities chosen as top places to retire, Scottsdale ranks first
- Supreme Court rejects challenge to Arizona death penalty law
- Phoenix police searching for suspect in 2012 homicide
- California-based chocolate factory to move location to Phoenix area