Why is it so Expensive to Buy a Home in Arizona?
Arizona Republic
The dream of homeownership in Arizona is becoming increasingly out of reach due to soaring home prices, exorbitant monthly payments, and escalating rents. Experts unanimously point to local regulatory hurdles as the primary culprits behind this affordability crunch. These restrictions, compounded by rapid population growth, have created a severe shortage in the housing market, exacerbating financial strain for families and contributing to homelessness. To alleviate this crisis, streamlining the permitting process and expanding housing options, including accessory dwelling units (ADUs), is widely regarded as a necessary step. ADUs, known for their affordability, offer hope for lower-income residents, often renting for less than studio apartments. Similar regions that have embraced such reforms have witnessed a notable improvement in housing affordability, signaling a clear path forward for Arizona.
