What to know about Phoenix, Arizona, 5th largest city in US
Phoenix, Arizona’s capital, is the fifth largest city in the U.S. and a destination for world-class resorts, golf, spring training and award-winning restaurants.
The Republic
Median rents in cities across Arizona dropped — some by as much as 10% — from the end of 2023 into 2024 because of more available housing and the departure of temporary pandemic residents.
Despite the rent decreases, Arizona continues to rank highly on lists comparing the state’s cost of housing to the rest of the country.
Arizona has the 14th highest housing wage in the nation, which is the amount that one needs to earn on average to rent a “modest” one-bedroom apartment, according to the National Low Income Housing Coalition.
A new study from Cinch Home Services listed the 10 most expensive states to live alone and Arizona made the list. The study used the average rent for a studio apartment in Arizona, which is $1,289 according to the National Low Income Housing Coalition. Using Arizona’s average post-tax income, the study calculated the percentage of their income that Arizonans would need to spend to live in a studio.
Here’s what the study found and why the Grand Canyon State is so expensive for single renters.
Arizona is expensive for single renters
Arizona was ranked the eighth most expensive state to live alone, according to the study. Arizonans would need to spend 27.48% of their disposable income to rent a studio apartment on average.
A common rule of thumb is that you should spend only 30% of your gross income, or pretax income, on rent.
New York, Hawaii and California topped the list, with renters needing to spend over 30% of their disposable income in each state.
10 most expensive states for living alone
These are the 10 most expensive states for living alone and how much income is spent on rent, according to Cinch Home Services.
New York: 34%Hawaii: 33.83%California: 30.98%Georgia: 28.87%Massachusetts: 27.96%Washington: 27.93%Maryland: 27.68%Arizona: 27.48%Florida: 27.46%Oregon: 26.52%
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Publish date : 2025-01-05 23:02:00
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