The average price for a 2-bedroom apartment in Maricopa County has gone from $908 a month in 2015 to $1,281 a month in 2021, according to the U.S. Census Bureau.
PHOENIX — When you think about the booming real estate market in the Phoenix area, you think of a bustling market of happy sellers and a flood of nervous buyers. But what about those who aren't looking to buy or sell a new home? The current market has a consequence many aren't thinking of.
A consequence felt by Valley resident Kimberly Lyman. She is one of those people being priced out of buying and renting homes due to the current housing market.
“I had a great two bedroom apartment here locally, paying my rent, living life,” she said.
Then her rent went up by $100. And then last June, she said it went up another $175.
“I'm a single mom, …