EXPERTS: AZ housing price drop not closing affordability gap amid overall inflationary pressure

本站添加: 2026-06-03

[00:00:00]For many, the idea of the American dream includes a place to call their own.

[00:00:03]While some signs showed housing prices easing in Arizona, experts tell me affordability will still be the number one barrier for some time.

[00:00:11]>> It's almost impossible to really buy a home. It feels like >> for those just starting their adult life, the thought of a home isn't even close to their radar.

[00:00:19]>> It's too hard to buy right now. You know, inflation and whatnot, it's getting crazy.

[00:00:23]>> And he's not wrong. The data backs it up. The Common Sense Institute's recent housing affordability report said any recent housing price dips haven't come close to bridging the gap between what people make and what they can actually afford.

[00:00:35]>> While we're seeing some price easing, I wouldn't I'd be hesitant to say that this is the problem sort of correcting itself.

[00:00:41]>> The report showing that the most recent data finds only 42% of all Arizona households can actually afford a new mortgage. police, the fire, the teachers, the medical technicians, the paraprofessionals. Those wages have not gone up a lot.

[00:00:54]>> Housing affordability isn't in a vacuum.

[00:00:56]The consumer price index report shows overall inflation is at its highest in 3 years.

[00:01:02]>> There's a lot of uncertainty. Uh that impacts people's buying decisions.

[00:01:06]>> Other cost pressures are taking the pennies from wallets before they can even go into a down payment fund. The national rate that people are saving falling to its lowest since 2022.

[00:01:15]gasoline, uh, and you know, car insurance, uh, child care, all of that stuff, groceries, >> cuz we drive a lot, and so every time I'm there, I'm spending probably $20 more than I used to 6 months ago.

[00:01:26]>> No major housing legislation has successfully been passed on a state level this year.

[00:01:31]>> It's not easy to change the factors that are going to affect affordability. The newly approved Phoenix budget will almost double the city's housing trust fund, adding more than $6.5 million to go towards incentivizing new affordable housing developments in Phoenix. Selian Donahghue, ABC15,