Phoenix, Arizona has recently gained traction as a city full of opportunities, and growth. Individuals from all around are flocking to this metropolitan area for many reasons. Perhaps it is a combination of the year-round sunshine and employment circumstances. Regardless of why people are re-locating here, it’s no secret that Phoenix gives you the ability to create the type of lifestyle that you want, at the price that you want. For people looking for the ideal combination of city-life, and at-home comfort, Phoenix offers the ideal balance of both. Ultimately, the housing market continually draws people to start their new life. In fact, Phoenix has been named as one of the top 5 housing markets in the United States in 2020. The ideal living factors have made this metropolitan area a constant front-runner.
So what actually makes the housing market in Phoenix great? Is it the weather, the location, or the economy?
The Size Of Phoenix
One factor that regularly sets Phoenix apart, is that despite rent prices growing, it is still very affordable compared to larger cities of its size. Phoenix is the 5th largest city in the country, and yet it continues to host a housing market that is relatively economical. For being such a large city, this type of consistency is unheard of. Many large cities of this size such as Los Angeles and Chicago are immensely more expensive. So for anyone looking for the endless opportunities that a large city provides at a price that works for them, Phoenix is perfect.
Supply vs. Demand
Another factor that contributes greatly to the housing market in Phoenix, is that the city encompasses a large area made up of a variety of developments. From multifamily communities to suburbs, there is a variety of options available. The “Phoenix” housing market also ranges into other cities such as Tempe, Mesa, Chandler, and more. However, this results in the fact that in Phoenix there is a demand from buyers that exceeds housing options. This type of market greatly affects ongoing real estate investment and affordable housing.
An aspect of the housing market in Phoenix that is important to consider is student housing. There is a huge need for student housing, as many local colleges bring in large numbers of students. Arizona State University’s campus in Tempe is obviously the hub for thousands of students. Along with this campus location, there are campuses spread throughout all of Phoenix. Besides ASU, there is also The Arizona Summit Law School and Grand Canyon University. The combination of all of these schools results in thousands of students looking for a place to live. This factor has also catered to the rapid development of multifamily communities in Phoenix. Many apartments are highly catered to the student lifestyle, and this trend will continue as the year goes on.
A huge element of the recent growth in Phoenix, and the continuing development, is the range of employment opportunities. Many large companies, originally located in California, are re-locating to Phoenix simply because it is more affordable. Arizona ranked #2 in the nation for year-over-year job growth. The thriving economy has made this city ideal for any kind of business, or corporation. This type of employment development can also be linked back to the state’s low taxes. Large companies such as Apple and Google have re-located portions of their offices to Arizona, along with ZipRecruiter, and StitchFix. The moral of the story is, business is booming in Phoenix.
Perfect For Snowbirds
Truly, the weather can make all of the difference. The endless sunshine in Phoenix plays a huge role in how many people are moving their homes to this area. This type of weather attracts a large retiree portion and people who are escaping the snow. The sudden influx of this age group has contributed largely to ongoing housing developments, specifically catered to retirees. However, it’s not just retirees embracing the sun. People who want cleaner air, and more outdoor recreation options, find that Phoenix is the perfect option for them. With California being insanely expensive, and other warm destinations on the east coast, Phoenix becomes an ideal choice. A lot of people may even own a second home in Phoenix, and this in return contributes to the great housing market.
Phoenix Housing Market
It’s hard for anyone reading these reasons to resist moving to Phoenix. Not to mention, there are hundreds of activities and events that attract people throughout every season. From golf courses to MLB Spring Training, to hiking, and biking, there is truly something for everyone to enjoy in this city. World-class restaurants, and unique local shops, are among the many things that make this area completely one of a kind. However, you don’t just have to believe the facts. Most residents of Phoenix will gladly, and rapidly admit that they absolutely love where they live! It appears that the future is only going to get better for this metropolitan area as new developments, and renovations start. Now, is definitely the time to dive into everything that this city has to offer.
Searching for your dream Phoenix apartment?
Find your new home here.