PHOENIX, AZ — Phoenix Mayor Kate Gallego and the City of Phoenix presented their Work Study Session on affordable housing on Tuesday.
“It’s an issue we’re tracking on all fronts," Gallego said. “Housing and homelessness was our top priority and today will be a chance to see some of the great investments we have made."
“We set a goal about five years ago to create or preserve 50,000 housing units by 2030 and today we’re at 48,391 affordable and market rate housing units,” Gallego said.
As of September 30th, The City of Phoenix says it is at 96% of its goal.
Of those, 22% are considered affordable which means families are making at or below 80% Area Median Income (AMI).
The rest are Workforce, which are those making between 80 to 120% AMI.
Then Market Rate are households making above 120% AMI.
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“Housing has been and continues to be one of the highest priorities for me the city council and our city,” Gallego said.
Whether it’s through federal, local or private dollars, the City of Phoenix is touting its recent efforts.
For example: The city is turning former hotels into permanent affordable housing units for seniors or preserving current units.
In the City of Phoenix’s report, they say from 2019 to 2022, median rent increased by 47%.
Median sales prices increased by 56%.
According to Construction Coverage, “Rent prices in the Phoenix metro range from a median of $1,661 for studios to $3,185 for 4-bedroom units. With a median rent of $2,286 across all rental sizes. The Phoenix metro ranks as the 13th most expensive large metro in the country for renters.”
The City’s goal remains to turn more land or units into housing. Phoenix estimates a gain of 200,000+ households by 2050 which will price families out.
