In Sept. 2020, the median home sale price in Arizona was $324,800. As of Sept. 2023, that figure had risen to $434,700, a nearly 34% increase, according to Redfin. Renters are also paying more in the state. In Phoenix, the average cost of rent was $1,558 per month as of July 2023, a 22% increase from 2020, when that figure was only $1,283.
“[These] charges are taking real money out of the pockets of American families. These junk fees can add up to hundreds of dollars, weighing down family budgets, making it harder to pay family bills,” President Biden said on Wednesday.
The proposed regulation would require employers to pay overtime to their salaried workers who are in executive, administrative, and professional roles, and make less than $1,059 a week, or $55,068 a year for full-time employees.
The administration’s show of support comes as unprecedented worker organizing — from strike authorizations to work stoppages — hit multiple industries this year, including, transportation, entertainment, hospitality and health care.