(The Center Square) – A new report is sounding the alarm on Arizona’s housing market.
The report from the Common Sense Institute, a conservative-leaning think tank, says that Arizona is losing its competitiveness that it once had. In addition, the report says that there is a “housing deficit of over 129,000 units” and found that the cost of a home in the Phoenix metropolitan area has gone up by 60% since 2020.
“Arizona’s housing market is standing on a cliff,” Glenn Farley, director of policy and research at the Common Sense Institute, said in a news release on the report. “Without acknowledging our supply issues and making needed policy changes, we risk worsening housing affordability and losing our competitive edge in attracting a skilled workforce.”
On the Housing Competitiveness Index that the institute does nationwide, Arizona went from 84 in 2011 and is now at a 61, which has been a decline over the years. According to the report, the index measures “hours to pay mortgage,” “hours to pay rent,” “housing shortage/surplus” and “[percentage of] permits of housing deficit/surplus.”