Downtown Phoenix: New Future In Arizona Land Sales
With Phoenix’s growing population and rising home costs more and more workers
cannot afford to live in the city. This may have drastic consequences for the
area in the future. Currently, Phoenix outranks all other cities in the United
States for home sales, just recently surpassing Atlanta’s hot market. With the
increased population and home sales comes a reinvigorated economy and jobs are
on the rise. The problem is that new workers aren’t able to find affordable
housing within the city limits and are forced to explore the outlying regions.
The fear is that as housing costs rise and people are forced further and
further from the city, they’ll be less inclined to work in the city. In the
worst-case scenario a West Coast situation could arise with people commuting
two hours to work each day. But this seems unlikely as nonprofit and government
agencies are working to establish housing that appeals to city workers and
hoping to avoid the pitfalls of big city life. The average home cost is
currently around $200,000, which is a significant gain over past years but
still quite shy of the LA average of $600,000.
Phoenix Apartments as a New Home
Past years saw families clamoring for homes which were reasonably priced and
when combined with low interest rates were a deal no one could pass up. As
interest rates slowly rise and land and homes before more expensive, the house
market in downtown Phoenix is less attractive. If workers are looking to buy a
home they may have to consider a move to the surrounding Valley or perhaps a
multifamily dwelling. Apartments have suffered in the last few years as renting
lost its appeal but that is about to change as landlords again get a leg up in
the market. Homes are just not plausible for the average employee and
apartments give them an affordable option which let’s them live close to work.
With the recent increase in fuel prices and no end in sight, short commutes
will become more and more important and downtown living more desirable.
Phoenix Condos on the Rise
Hoping to appeal to those who still wish to own but cannot afford a home,
condos are making a comeback. This is an ideal situation for people who missed
out on a home purchase a few years back but would like to make an investment in
property. Phoenix is still a hot commodity and will probably continue to grow
for several years, which will make condos more and more attractive to people
wishing to work and live in town. It is also a great way to renovate out of
date office buildings and reinvigorate the market.
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