12News- Arizona’s housing crisis is only getting worse, experts say
Experts say high prices and high interest rates are making it difficult for many Arizonans to buy a home.
You’re going to start seeing them spending money on home improvement projects,” Jim Rounds, CEO at Rounds Consulting Group, said. “It’s going to be more crowded at the Home Depots and the Lowes and the places like that.”
Rounds, an economist, estimates households need to earn $75,000 to be considered middle class. That’s about $10,000 more than the median household income in Phoenix.
“The very low-income folks are the ones I’m most worried about because no matter how they adjust things, they’re still going to come up short, and they will benefit when we start to see prices come down, it’s just going to take a little longer,” Rounds said.
