WWW.AZCENTRAL.COM
|| S U N D AY , J U N E 2 5 , 2 017
|| 1R
E M A I L U S AT N E W S T I P S @ A R I Z O N A R E P U B L I C . C O M O R C A L L U S AT 6 0 2 - 4 4 4 - N E W S ( 6 3 9 7 )
CATHERINE REAGOR REAL ESTATE
Renters feel priced-out Metro Phoenix’s rapidly rising rents are putting the squeeze on many, even with the state’s higher minimum wage. Just ask any Millennial trying to find a place they can afford to lease in central Phoenix, Scottsdale or Tempe. Phoenix-area rents have jumped almost 15 percent during the past few years. Glendale led the nation for the biggest rent increase in April — a staggering 11.5 percent. Even with a higher minimum wage, it takes a lot of work, literally, to afford a Valley rental. A Phoenix-area renter making $10 an hour — the new minimum — has to work 58 hours a week to afford a decent place to live, according to a new study.
Not enough affordable rentals
one-bedroom, the wage goes up to $14.50 an hour, according to the National LowIncome Housing Coalition’s latest research. “People earning the higher minimum wage can still only afford rent of $520, including utilities,” Val Iverson, executive director of the Arizona Housing Alliance, told me. “Anyone would be hardpressed to find a safe, decent (metro Phoenix) apartment in that price range.” The 10,000 new apartments going up or recently completed in the Phoenix area won’t immediately help a lot of renters. Most of the new complexes are high-end with rents well above $520 a month. But if too many new apartments open up in the Valley and don’t fill up quickly, it could put pressure on rents at older complexes. That could help some renters.
Iverson said Arizona needs at least 210,000 more affordable rentals. There’s a two-year waiting list to rent at the affordable apartment complex Devine Legacy on Central, in midtown Phoenix, The 65-apartment complex, across from light rail, is one of only a few new apartments in the area where people can rent for $600 or less. “There’s not enough affordable housing in Arizona, no matter how far out you drive,” Diana Yazzie Devine, CEO of Native American Connections, told me.
National Average 117 hours
See REAGOR, Page 6R
Rental crunch
California 92 hours
Arizona’s almost $2 bump in its minimum wage helps but isn’t enough to ease the crunch for many of the Valley’s 600,000 renters. To afford a studio in metro Phoenix, a renter needs to earn $12 an hour. For a
Florida 82 hours Colorado 75 hours
Arizona 58 hours
Hours of work for minimum wage workers to afford rent by state
Minimum wage:
$10 an hour
$9.30 an hour
$8.10 an hour
$10.50 an hour
$7.25 an hour
Luxury Retirement Community for Active Adults Over 62 Come And Experience p The Hospitality! p y
Call Us NOW...
To make reservations to be our guest for a complimentary Lunch and Tour.
For more information, seee our ad inside!
LUXURY RETIREMENT COMMUNITY OF SUN CITY
623-933-1313 • www.wooddalevillage.com • Visit us on: AR-0008631837-01
MESA | 6446 East Trailridge Circle, Lot 3 | Open Today 1-4PM
ONE OF A KIND. Mountain views to the North and East. 50MLS# - 5614621 mile vistas and incredible sunsets to the West. Unlike anything Bedrooms - 4 else you’ll see today. Set well back on .88 ACRES in an exclusive gated community. Distinctive architecture and high-end fixtures Bathrooms - 5 Pool - Yes blend with warm finishes to create an opulent yet welcoming ambiance. GE Monogram stainless appliances in the kitchen. Sq. Ft. - 5,432 Luxurious living spaces have wet bars, view verandas and 10’ Parking - 3 Car ceilings. Walls of glass exits offer entrée to alfresco amenities. Lot Size - 38,455 sq. ft. Split plan has en-suite beds, two marvelous masters and guest ZIP Code - 85215 quarters! Impressive entertaining patios boast an infinity edge pool and built-in BBQ. Available memberships at Red Mountain Online Pics - ThoseCallaways.com Ranch Country Club. – Joseph Callaway Price - $1,200,000
Brought to you by Those Callaways Luxury Circle International, (480) 596-5751
see more inside AR-0008662374-01
SCOTTSDALE | 9761 East Pinnacle Vista Drive | Open Today 1–5PM
VIEW-RICH BOB BACON-DESIGNED CONTEMPORARY. MLS# - 5607569 Magnificently sited to take full advantage of its view-rich setting, Bedrooms - 3 this sleek and sophisticated Bob Bacon-designed home is nestled alongside the eighth green of Estancia Golf Course in North Bathrooms - 2.5 Pool - No Scottsdale. Majestic views of the lush golf course, city lights, crimson-hued sunsets, the legendary spires of Pinnacle Peak. Soft Sq. Ft. - 4,591 contemporary ambience with crisp modern architectural accents. ZIP Code - 85262 Huge sheer glass doors and walls exquisitely frame awe-inspiring views; also provide for seamless indoor/outdoor entertaining. Online Pics - BaldwinTeam.com Price - $2,200,000 Chic chef’s kitchen. Lavish master retreat. Executive-style office. Expansive open-air and trellis-roofed dining- and view-patios. Visit tourfactory.com/1785935. More info inside.
Brought to you by Sandra Baldwin and Kyle Caldwell, Launch Real Estate
see more inside AR-0008662551-01