The third quarter housing affordability report from the Common Sense Institute Arizona indicates that there is still not nearly enough supply in the state, and the problem is getting worse.
According to the report, the Grand Canyon State is short 65,721 housing units needed to match the demand, which is a slight uptick of over 2,000 compared with last year.
“The high costs of housing in Arizona are creating significant barriers to homeownership, especially for lower-income families and first-time buyers,” Zachary Milne, Senior Economist and Research Analyst for the institute, said in a statement on the report.
In addition, the study suggests that there is an increase of $80,000 in average home prices in the Grand Canyon State, which is based on the alternative of keeping a "pre-pandemic trend" on prices. The researchers say this leads to roughly a $500 increase in a homeowner's monthly payment.
In addition, the study suggests that there is an increase of $80,000 in average home prices in the Grand Canyon State, which is based on the alternative of keeping a "pre-pandemic trend" on prices. The researchers say this leads to roughly a $500 increase in a homeowner's monthly payment.
