PHOENIX — High interest rates and a low housing stock is making it less affordable for renters or first-time buyers to purchase a home in Arizona, according to a new report.
The Arizona Research Center for Housing Equity and Sustainability released a study this month examining barriers that prevent Arizonans from owning real estate in the Grand Canyon State.
Among the report's key findings was that the typical mortgage payment in Arizona had doubled between 2019 and 2023, making it so that fewer renters and first-time buyers can afford to purchase a home.
"The combination of high housing prices and high interest rates makes it difficult for both first-time homebuyers and homeowners who might otherwise consider moving," the report states.
Furthermore, fewer owners are willing to sell their homes if they have a fixed, low interest rate, which can decrease the availability of homes to buy on the market. According to the report, the vacancy rate of "for sale" properties has recently reached an all-time low in Arizona.
The center's report additionally found that rents in Arizona have increased by nearly 72% between 2010 and 2022.
Though Arizona had a deficit of about 130,000 affordable housing units in 2022, the report noted how the number of building permits for new multi-unit housing had begun to increase in recent years.
The full report can be found here.
UP TO SPEED
How big is Maricopa County?
Maricopa County is the United States’ 4th largest county in terms of population with 4,485,414 people, according to the 2020 Census.
The county contains around 63% of Arizona’s population and is 9,224 square miles. That makes the county larger than seven U.S. states (Rhode Island, Delaware, Connecticut, Hawaii, New Jersey, Massachusetts and New Hampshire).
One of the largest park systems in the nation is also located in Maricopa County. The county has an estimated 120,000 acres of open space parks that includes hundreds of miles of trails, nature centers and campgrounds.
The county’s seat is located in Phoenix, which is also the state capital and the census-designated 5th most populous city in the United States.
The county was named after the Maricopa, or Piipaash, Native American Tribe.
