How Surging Population Drives Valley Housing Costs

Once a haven for developers and homebuyers, Arizona offered affordable land for sprawling suburban homes with Spanish-tiled roofs and swimming pools. New residents from across the nation, especially from neighboring California, have flocked to Arizona. Maricopa County, home to much of greater Phoenix, saw a staggering 57,000-person increase from 2021 to 2022, marking the nation’s largest population growth. As the population increases and the supply decreases, rents rise and affordable home buying becomes more difficult, leaving even households with dual incomes struggling. The housing crisis in Phoenix, like many major American cities, sparks economic anxiety, which could influence control of the White House in November.

Source: https://dnyuz.com/2024/03/29/why-its-so-expensive-to-live-in-phoenix/