The Phoenix housing market is in trouble. The Valley hasn’t built enough homes for those who live in the area and the thousands moving to Arizona.
Scottsdale-based economist Elliott Pollack says the Valley is short about 25,000 single family homes and 18,000 apartment units, causing prices to increase as much as 30%.
“It’s time for people to realize that this is a big issue. We don’t have time for nimbyism. We don’t have time for a slow down at the city level," Pollack says.
Pollack says if more housing options aren’t built, estimates are that only 20% to 30% of Valley residents will be able to afford a median priced home in 2025.
Meanwhile a state House committee has moved forward a bill that, if passed, would create a study committee that will look into finding ways to make Arizona housing more affordable.
