The Rising Cost of Homeownership in Arizona: A Closer Look
The dream of owning a home in Arizona is becoming increasingly out of reach for many due to the soaring mortgage payments and limited housing stock in the state. A recent report by the Arizona Research Center for Housing Equity and Sustainability sheds light on the challenges faced by renters and first-time buyers.
One of the most alarming findings of the report was that the typical mortgage payment in Arizona doubled between 2019 and 2023, putting homeownership further out of reach for many. High housing prices and interest rates are cited as major contributing factors, making it difficult for both first-time homebuyers and existing homeowners looking to move.
Another concerning trend highlighted in the report is the dwindling availability of homes for sale. Homeowners with fixed, low-interest rates are holding onto their properties, further reducing the inventory of homes on the market. As a result, the vacancy rate for “for sale” properties in Arizona has hit an all-time low.
On the rental front, Arizona has seen a staggering 72% increase in rents between 2010 and 2022, further squeezing tenants’ budgets. Despite the state facing a deficit of 130,000 affordable housing units in 2022, there is a glimmer of hope with an uptick in building permits for new multi-unit housing in recent years.
The full report can be accessed here, offering a comprehensive look at the housing landscape in Arizona.
Exploring Maricopa County: An Overview
Maricopa County, the fourth most populous county in the United States, is home to 4,485,414 residents as per the 2020 Census. Encompassing 9,224 square miles, the county holds around 63% of Arizona’s population, making it larger than several states.
Not only is Maricopa County a hub of human activity, but it also boasts one of the largest park systems in the nation. With approximately 120,000 acres of open space parks and hundreds of miles of trails, nature enthusiasts have plenty to explore within the county.
The county’s seat in Phoenix serves as the state capital and is the fifth most populous city in the U.S., according to the census. Interestingly, Maricopa County draws its name from the Maricopa Native American Tribe, honoring the indigenous roots of the region.
As the cost of homeownership continues to rise and the availability of affordable housing remains a pressing issue, understanding the housing landscape and demographic dynamics of Maricopa County is essential for policymakers and residents alike.
