Due to Phoenix's double-digit rent growth rate and high rent-to-rent ratio, real estate investors are purchasing more Phoenix homes than any other top 30-markets in the U.S. Phoenix, Arizona's capital city and the state's most populous is often called the Valley of the Sun.
Phoenix is home to over 4.8 million people. Its residents are attracted by the lower cost of living and the 300-day sunshine each year. There is a lot to do in Phoenix. There are 4 major professional leagues in the city, world-class restaurants resorts, and many museums and performing art venues. Phoenix grew at a faster rate than any other city over the past ten years. Phoenix's metro area saw an increase in population by 603,451 people during the past 10 years, at a 15.8% rate. Phoenix is becoming a popular destination for immigrants, retirees, middle-class families from California, as well as tech companies.
Phoenix has been the top state for job growth. The small business sector is leading the charge, growing by almost 6% each year. Arizona is expected to experience 1.6% annual job growth through the end of the decade. Phoenix is the leader in home price growth, rising 29.3% year-over-year. One reason there is a surge in Phoenix housing demand could be because of buyers shifting from urban apartments to suburban homes. Another reason may be the strong demand by investors for Phoenix rental property.
Phoenix is attracting many investors who are looking to buy homes. Attracted by the market’s high price/rent ratio of 24.9 and double-digit rent increases, they are also buying up properties. Phoenix real estate investors are actually removing more inventory that any other 30 major metropolitan areas. The Home Price Index or HPI is one of the most important data sets real estate investors use for analyzing market conditions to purchase rental properties. The HPI measures change in housing costs over time. The HAI tracks housing's median cost relative to income.
FMHPI (House Price Index) is a measure of the price inflation for U.S. houses. According to Freddie Mac's most recent HPI, Phoenix's home prices have increased more than 212% during the last five years. HAI, which stands for Housing Affordability Index (or Housing Affordability Index), compares the median resale price of a home to the median income of a family in a particular market. A market with an HAI higher than 100 is more affordable, while cities with HAI lower than 100 are more appealing for renting.
According to the most recent data, Phoenix's HAI was 119. According to the most recent data, the HAI for Phoenix is 119. This means that a median-priced home can still be purchased by residents who have median household earnings. Phoenix is the 67th best city to live in due to its high job market, low living costs, and sunshine. U. S. News & World Report ranked the Valley of the Sun number one for the best places to retire or live.
What are the best places to start your search? You can find a listing of properties that are based on our Neighborhood rating. This algorithm allows you to make informed investment decisions. It measures school district quality and home values as well as income levels. Are you looking to invest in Phoenix? If you have not already, get in touch with us and take a look at the latest listings in Phoenix.
When buying a home, the most essential things to consider is the location.
Residential real estate is by far the most common type of property among new and seasoned agents. Given the United States Census of 2010, which revealed more than 116 million occupied housing units, this is no surprise. Real estate brokers further specialize in various sorts of houses.
Another feature of land is its indestructibility or permanence. The real estate market is one area in which the word "land" refers to something that can't be destroyed. In other words, the value and appearance of the ground may vary depending on surrounding circumstances.
Arizona's economy is flourishing, in large part owing to its low cost of living and excellent job prospects. Arizona has a robust business climate, with industries such as bioscience, health care, and financial services � all of which are typically high-paying and stable. This fact also makes Arizona an appealing location for real estate professionals.