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Phoenix market is hot and still affordable

Housing May be Hot in Phoenix, But it’s Still Affordable, from www.builderonline.com, reports that things are hot in the Sun Belt, as conditions on the ground in Phoenix show strong job growth combined with increases in both housing starts and closings. The results of Metrostudy’s Q3 2019 analysis show that employment growth is 2.7%, which easily beats the national number of 1.4%.
There’s more good news for Phoenix in the form of wage and salary year-over-year growth, coming in at 3.8%; the U.S. as a whole is at 3%. “Phoenix has had some of the highest job and income growth of any market over the past few years, but it’s true that it still hasn’t been able to keep pace with the rise in housing costs,” says Ryan Brault, Metrostudy’s regional director for Phoenix. “It is important to keep in mind that Phoenix is still affordable relative to a lot of places, especially California, which is our next-door neighbor. So much of the in-migration Phoenix has seen has come from that state and is helping to drive continued demand for housing in this market.”
Phoenix by the Numbers
Population: 4.9 million
2019 Local Leaders Rank: No. 4
Annual Job Growth: 2.7%
Q3 19 Annual Starts: 20,697
Q3 19 Annual Closings: 19,070
Median Sales Price: $295,000
Average Rental Rate: $1,163

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