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.
The most recent GasBuddy average stands at $3.08 — 11 cents higher than 2 weeks ago, but 17 cents lower than a year ago.
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.
Housing represents most households' largest expense.
While rent or mortgage payments typically remain consistent from month to month, market changes matter for those looking to move or refinance.
Rent prices show remarkable stability in the Valley right now — averaging about $1,730 per month.
However, with both home values and interest rates cooling this year, median mortgage payments have decreased by more than $200 compared to last year.
Inflation remains a significant economic factor, prompting the inclusion of government consumer inflation measures for the Valley alongside tracking of restaurant prices and household energy bills.
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.
