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

Published: Tuesday, February 22, 2022 - 11:13am
Updated: Tuesday, February 22, 2022 - 2:34pm

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.