Study: at least 97% of Scottsdale homes taken or unaffordable for the non-wealthy
A report commissioned by Scottsdale shows a vacancy rate of less than 5 percent in total housing units —somewhere south of 7,600—and only half of those are affordable for people who earn less than $93,000 annually. That means only 3 percent of the city’s homes are available for people who aren’t raking in the dough. This article shrewdly notes that because of that, Scottsdale will likely have a tough time attracting new residents (read: workers in essential services that those wealthy residents demand) and businesses, unless the housing pool opens up when Baby Boomers move out, as the city hopes. If not, it’ll have to take a hard look at raising taxes and/or cutting services.