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Flagstaff Faces Affordable Housing Crisis
For every four people trying to move to Flagstaff there is only one home available to purchase.
A Workforce Housing Attainability study commissioned by the Economic Collaborative of Northern Arizona found the median sales price for a single-family home in Flagstaff costs around $350,000.
Economists routinely advise workers spend no more than 30 percent of their income on housing.
Under that principal, and at the current median, homeowners should be making more than $90,000 a year to comfortably afford the average home in Flagstaff.
But, the report found that income level is more than twice the income most Flagstaff employees make.
The study was commissioned after local businesses complained a lack of housing is making it difficult to hire and retain workers.
The reports’ author estimated three of four people who do try to find a home will leave after two years.