This Is Arizona’s Most Affordable ZIP Code For Renters | Living In Phoenix Arizona
THIS IS ARIZONA’S MOST AFFORDABLE ZIP CODE FOR RENTERS
LIVING IN PHOENIX, ARIZONA
This Is Arizona’s Most Affordable ZIP Code For Renters
Affordable housing is typically defined as costing less than 30% of a household’s income, but where you live affects this affordability. A new study found that Paradise Valley 85253 is the most affordable neighborhood for renters in Arizona, with the average rent costing 15.27% of the local average income. Meanwhile, Sedona 86336 is the least affordable neighborhood in the state, where the average rent costs 59.69% of the local average income.
This comes from CashNetUSA, who analyzed U.S. Census data and Zillow rental prices to uncover the most affordable ZIP codes in every state.
With rental affordability tied to income and market prices, where you live greatly affects your odds of keeping below that 30% water line. To give a clearer idea of how the peculiarities of the 2024 rental market and wage increases affect renters around the U.S., CashNetUSA has compared the average local rent and income levels in every ZIP code of the cities with a population of more than 100K.
We compared the average household incomes and annual rent costs in each ZIP code using U.S. Census data and Zillow’s Observed Rent Index (ZORI). Then, we ranked ZIP codes by affordability, the most affordable being the ZIP codes with the lowest rental costs as a percentage of local incomes. Finally, we calculated the percentage of rentals considered “affordable” in over 300 of America’s biggest cities, classifying rents lower than 30% of the average monthly salary as affordable.
Key Findings
- The average rent in Leawood 66224, Kansas, costs 10.57% of the local average income — the most affordable rent level of any U.S. ZIP code.
- Great Kills 10308 on Staten Island is New York City’s most affordable ZIP for rent, with the average rent costing 21.02% of the average income.
- Irvine and Carlsbad (both in California) are the only U.S. cities of over 100K population with zero homes available to rent for under 30% of the local average income.
Read the full report here: https://www.cashnetusa.com/blog/how-much-rent-can-i-afford/
– more at azbigmedia.com
