CSI’s Report Reveals Arizona’s Housing Shortfall and Supply Challenges Persist
Queen Creek Sun Times Staff
The Common Sense Institute (CSI) released its Quarterly Housing Report, revealing the changing landscape of Arizona’s housing market. The report brings some good news, stating that the state’s housing shortfall has decreased from nearly 100,000 units in 2020 to approximately 67,000 units in early 2024. However, it also highlights the continuing housing supply and demand challenges. Four of Arizona’s 15 counties are not issuing enough building permits to keep up with the projected household growth, which may result in permanent shortfalls in housing supply. Moreover, the “Misery Index” of Arizona’s homebuyers remains at historically high levels due to persistent high prices and borrowing costs. According to the report, the monthly payment for a typical home in Arizona required a household to work 68 hours to afford, significantly above the long-run average of 43 hours per month.
