In a recent government meeting, officials discussed the pressing housing crisis in Flagstaff, highlighting significant disparities between income levels and housing costs. According to the 18-month report presented, 38.9% of flagship households are burdened by housing costs, spending over 30% of their gross income on housing. This situation affects more than 20,000 residents.
From 2013 to 2023, Flagstaff's median income rose by 46.5%, while the median home sales price skyrocketed by 136%, reaching $625,000. The average family of four can only afford homes priced up to $311,000, a stark contrast to the current market. Additionally, the fair market rent for a two-bedroom unit increased by 51.5% to $1,863 per month, making it unaffordable for many, particularly single parents with children.
The report further revealed that housing costs in Flagstaff are 34.8% above the national average, with the overall cost of living 14.1% higher. These figures underscore the urgent need for affordable housing solutions across various income levels and household sizes.
On a more positive note, city officials reported that from January 2023 to June 2024, 293 housing subsidies were provided to residents in need, and 729 new housing units were constructed, with 16.6% designated as affordable—exceeding the minimum requirement of 10%. This commitment reflects ongoing efforts to address the housing crisis and support the community's needs.