Bad news for potential Phoenix renters. According to a new report done by Zillow, it is getting more expensive to rent in the Phoenix metropolitan area. The Zillow report ranks Phoenix in the top 15 worst places to rent, along with New York, Chicago, Dallas, Los Angeles, and Philadelphia.
The unfortunate award is based on the significant increase in rent cost in the last few years. In the third quarter of fiscal year 2017 Zillow found that Phoenix renters spent an average of 27 percent or more of their income on rent. The nearly one-third of renters’ income spent on rent is about a 5 percent increase compared to recent years.
Not all is bad for Phoenix residents, however. According to the same report, paying to own a home in Phoenix has decreased by more than 21 percent over the last few years. According to the Zillow report, in the third quarter of fiscal year 2017 Phoenix home owners only spent about 18 percent of their income on mortgage costs. This decrease resulted in an average annual savings of about $1,791 and indicates that owning homes has become more affordable.
