August 2017
You won't believe how cheap Phoenix is to live compared to San Francisco, New York, Los Angeles

Jul 17, 2017, 11:49am MST

Mike Sunnucks
Senior Reporter
Phoenix Business Journal


We know living in Phoenix is a lot cheaper than other big U.S. cities such as New York and San Francisco. A new analysis by SmartAsset - a New York-based personal finance technology firm - shows just how much.
 
SmartAsset analyzed data from the U.S. Department of Housing and Urban Development and how much renters would need to spend 28 percent of their income on housing. Financial advisors and economists usually say renters and home owners should spend no more than 30 percent of their income on housing. SmartAsset took it down a bit to 28 percent and compared to the average rents for a two-bedroom apartment.
 
Of the 15 biggest U.S. cities. Phoenix was the cheapest - and a universe cheaper than San Francisco, New York and Los Angeles.

Builders Speed Up to Meet Housing Demands

Home builders are ramping up the pace of new-home construction in response to an ongoing shortage of homes for sale across the country. 

Housing starts nationwide jumped 8.3 percent in June to a seasonally adjusted annual rate of 1.22 million units, the Commerce Department reported Wednesday. Single-family production zoomed to its second highest rate of this year, increasing 6.3 percent month-over-month to a seasonally adjusted annual rate of 849,000 units. Multifamily starts also rebounded last month, posting a 13.3 percent increase to 366,000 units. 

"We are seeing housing production return to trend after a softer reading last month," says Robert Dietz, chief economist for the National Association of Home Builders. "The gradual growth in single-family starts in 2017 is in line with our forecast, and we should see this sector continue to strengthen throughout the year as consumers show interest in the housing market." 

Single- and multifamily housing production rose by the highest percentage in the Northeast in June, skyrocketing 83.7 percent month-over-month. Gains were also recorded in the Midwest with a 22 percent month-over-month increase in production and a 1.6 percent increase in the West. The South was the only major region in the U.S. to post a decrease in housing production last month, with starts dropping 3.8 percent.
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Sep 2, 2017
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August 25, 2017
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