Economist: Valley's housing market affordability will plummet by 2025 if nothing is done
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.