Many factors are important when deciding to rent an apartment as opposed to buying a house. Some of these factors include cost, location, personal circumstances, and length of obligation. These are just some of the things people consider when deciding where to live. For some people in Arizona, they have commonalities with the people who are also in the area. Arizona is home to millions of people who all share one common characteristic; they love the hot sun and dry sand! Well, maybe they don’t always love the hot weather, but what else is common among renters in Arizona? Is it the fact that they love being a short drive away from the beach? Or, the affordable costs of housing? This list shows some of the average renter statistics for renters living in Arizona along with the other perks of living in the copper state.
Occupation
When talking about renter statistics, you have to consider what factors make up the people renting in Arizona. With an influx of people moving to Arizona, there is a mixture of people with different jobs and occupations. In Arizona, over 2 million people have jobs that are considered white-collar or simply, done in an office setting. Comparatively, blue-collar jobs only account for a little over 600,000. Jobs that pay better usually means someone can afford a higher rent amount every month.
For people in blue-collar jobs, this can mean fast food service, construction, bar/restaurant management, auto mechanic, plumbing, and many more. Many of the important services these workers provide are essential to a city and a state’s overall happiness and productivity. The average salary for a worker in the fast-food industry for example is $21,630 which is 2% less than the national average. Many people who work in these jobs cannot afford to rent an apartment unless they have very little expenses, work multiple jobs, or work more than 40 hours a week.
Age
Arizona draws in many people of different ages who want to live there. Usually, elderly people prefer to buy a home in Arizona because of the affordable market and big cities like Phoenix. Some people come to Arizona to finish school or to get a job after graduation and prefer renting an apartment.
Over the last few years, the average age of renters has actually been growing recently and we are seeing more renters in their late 50’s and early 60’s choose to rent rather than buy. Arizona is no different from the rest of the United States with 18% of its population being over 65 and many looking for rentals instead of buying a house. In the bigger cities, you will finder younger people who live there to work in offices and have a more urban lifestyle. In smaller and more residential areas, you can find older people with children who look for safe neighborhoods close to the school district.
Rental Types
Most people would love to eventually forgo the rental hassle and buy their own house. In Arizona, 63.6% of people own their own houses and live in the space they own. The number of renter-occupied units in Arizona is roughly 1 million units. Owner-occupied units are about 1.6 million. There are many different types of properties someone can live in such as a house, condo, apartment, or townhome. Arizona has a vast array of types of rentals or properties to own. There are actually almost 3 million housing units that are built in Arizona with 85% of them filled by homeowners. For apartment units, it is a lot less.
Many apartments are vacant because landlords cannot fill them and tenants don’t commit to a long term lease. There is a huge turnover rate with apartments because they are designed for a temporary stay. In bigger cities, you will find a lot of units that are only filled temporarily and are quickly available. One type of house that is common in Arizona are townhomes and condos. These two types of rentals can be affordable without the strict demands that an apartment would have. Also, the more people who live together and split the utility bill, the fewer costs people have to pay overall. This type of rental is perfect for students or young adults who can’t afford to live alone but like casual living as compared to campus housing.
Income
Renter statistics would not be complete without talking about the income that makes up Arizona. Most jobs are split between two types: white-collar and blue-collar. White-collar jobs tend to pay a little better because they usually require more training or a degree. Because of this, more people can afford more expensive houses and higher rent prices in general. The average salary for a worker in the fast-food industry for example is $21,630 which is 2% less than the national average. Many people who work in these jobs cannot afford to rent an apartment unless they have very little expenses, work multiple jobs, or work more than 40 hours a week. Especially, if someone has children and doesn’t have a partner to also pay for expenses, finding affordable housing can be difficult.
Varying occupations are an important factor for the difference in income for people who live in Arizona. The age range is also an important factor that contributes to this. For people under 25, the median income is roughly $34,000, while ages 25-44, the average income is around $55,000. The average income for age 45-64 is roughly $56,000. Elderly people who are retired and no longer work do not make as much with $41,000 as the average median income.
Trying to remember all the renter statistics that concern the area you are looking at is important if you want to know what variables most affect renters! If you are a landlord looking for information on renters or someone looking to move to Arizona, be sure to check out Market Apartments for listings, tips, and apartment living ideas.
