Tucson’s Housing Affordability Swings Back to Near Record Lows

Tucson’s housing affordability has sunk like a stone over the past three years despite an increase in wages. Back in 2012, the city had the highest percentage of affordable homes, at 86.2 percent. But it dipped by 47.3 percent points from then to 2023. And renters in the Tucson metro area “have a much higher rate of housing cost burden than do homeowners, 21.3% vs 51.2%,” the article states. The average monthly rent for one- and two-bedroom apartments there hit an all-time high of $1,352 in the second quarter of 2023. As with many cities, “The Tucson housing market has seen skyrocketing prices, declining affordability, historically low supply, and relatively high demand over the past few years.”

Source: https://realestatedaily-news.com/tucsons-housing-affordability-swings-back-to-near-record-lows/