Thursday, Aug. 8, 2024
Does Phoenix have a housing shortage despite an uptick in available homes?
Though the number of homes available in the metro Phoenix area has increased year over year, more inventory does not necessarily mean there is sufficient housing to accommodate all buyers and renters.
When assessing housing availability, analysts also consider location, quality, home type and population growth—as well as cost, since a “housing shortage” can also refer to a dearth of affordable homes.
The current median price per square foot of listed properties in Phoenix differs only slightly compared to last year, suggesting that while there may be more homes available, they may not be more affordable.
A March 2024 report from the city of Phoenix indicated that families earning the city’s median income could afford about 22% of Phoenix-area homes, compared to nearly 70% of homes in 2014. Tens of thousands of low-income residents also remain on the city’s waitlist for Section 8 housing vouchers.
This fact brief is responsive to conversations such as this one.
Sources
- Arizona State University News Housing crisis affecting Phoenix area, ASU reports show
- FRED (Federal Reserve Bank Of St. Louis) Housing Inventory: Active Listing Count in Phoenix-Mesa-Scottsdale, AZ (CBSA) (ACTLISCOU38060)
- FRED (Federal Reserve Bank Of St. Louis) Housing Inventory: Median Listing Price per Square Feet in Arizona (MEDLISPRIPERSQUFEEAZ)
- Real Estate News & Insights | realtor.com® Realtor.com Real Estate Data and Market Trends for Download
- Congressional Research Service U.S. Housing Supply: Recent Trends and Policy Considerations
- University of Arizona, Economic and Business Research Center Arizona Housing – Arizona's Economy
- City of Phoenix Human Services Department 2024 Community Assessment Two Year Update
About fact briefs
Fact briefs are bite-sized, well-sourced explanations that offer clear "yes" or "no" answers to questions, confusions, and unsupported claims circulating online. They rely on publicly available data and documents, often from the original source. Fact briefs are written and published by Gigafact contributor publications.
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The Arizona Center for Investigative Reporting is the state’s only independent, nonpartisan and collaborative nonprofit newsroom dedicated to statewide, data-driven investigative reporting. AZCIR's mission is to hold powerful people and institutions accountable by exposing injustice and systemic inequities through investigative journalism.
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