Average working-class Arizonans can’t afford to purchase homes right now because of supply shortages.
Arizona is quickly becoming one of the least affordable places in the nation to buy a home and is currently facing a crisis when it comes to housing affordability. Approximately 8,000 people are moving to our state each month , yet the housing supply has remained essentially the same.
Meanwhile, prices continue to increase, which keeps the prospect of homeownership out of reach for anyone making less than $120,000. To keep up with demand, economic experts say that Arizona needs between 40,000 and 50,000 new homes.
But current water policies are preventing new homes from being built in the most affordable markets.
Arizona needs more affordable housing
Until recently, Buckeye was one of the last places where new homes could still be purchased for less than $400,000. Unfortunately, new homes can no longer be built in Buckeye under current law.
Bringing a significant amount of new and affordably priced homes to market is the only way to ensure our children, grandchildren, teachers, veterans and top talent, including young professionals, can afford to remain in this great state.