PHOENIX — To keep readers more informed on what day-to-day affordability looks like in the region, ABC15 is tracking goods and services that residents deal with on a daily, weekly, or monthly basis.
The goal of ABC15's Affordability Index is to provide residents with a comprehensive understanding of what affordability looks like in the Valley and how it has changed — using actual market prices whenever possible.
Items like gasoline represent frequent purchases for most households. Like many commodities, gasoline prices can take a bigger chunk out of wallets some months compared to others.
Gas prices dropped 23 cents in a week, but the grocery basket and housing costs are pushing back.
Gas is giving Valley drivers their biggest break right now. The Valley average dropped to $3.82 per gallon — down 23 cents in a single week. That said, drivers are still paying 80 cents more per gallon than they were in February.
For residents who prepare meals at home rather than relying on delivery services, grocery store prices remain a significant concern.
While tracking every single product category on store shelves proves impractical, ABC15's Smart Shopper team has been monitoring major staples — items like milk, bread, chicken, beef, eggs, and cereal. The data shows how these prices change over time.
The ABC15 Smart Shopper Basket — tracking milk, eggs, bread, chicken, cereal and ground beef — averaged $17.24 this week. In early May, that same basket cost $15.31. The basket has been as high as $21.90, so while costs are elevated, they are not at their peak.
Housing represents most households' largest expense.
Average Phoenix rent now sits at $1,741 per month — a slight bump since last month. The monthly mortgage payment on a median-priced home is $2,871, up $25.
The average flight out of Phoenix to top destinations next month is running about $364. In early May, that same flight was closer to $400. But context matters: back in March, the average was just over $200. The summer travel season is doing what it always does to prices.
We are committed to updating our Affordability Index as new data points are available and will provide updates on ABC15 in the weeks to come.
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