ARIZONA NEWS

Phoenix ranks among top cities in nation for housing, job growth

Feb 25, 2019, 4:04 AM | Updated: 9:39 am
(City of Phoenix Webcam)...
(City of Phoenix Webcam)
(City of Phoenix Webcam)

PHOENIX — A recent report found that Phoenix ranked as the second-highest city in the nation when it comes to housing, apartment rent and attracting high-quality jobs.

“The Housing Opportunity Index showed…56 percent of the homes sold were affordable to a medium-income earner in Phoenix,” CBRE senior research analyst Jessica Morin said.

“That number is pretty large when you compare it to places like Los Angeles, where only 7.7 percent of houses sold were affordable to their residents and then in San Francisco, it’s only 6 percent there.”

Morin said that affordable cost of living is one of the main reasons why Phoenix has the second-highest job growth in the country. On average, 174 people move to Phoenix each day.

“We’re growing 3.7 percent and we’re attracting really high quality good jobs here,” she said.

Morin explained that positive growth is good, but it can also have its growing pains. Because housing is limited, many people are moving into multi-rental housing units and rents are increasing to match demand.

“In 2005, (Phoenix) had about 60,000 single-family home permits. Today, we have about 22,000,” she added.

Out of 12 major metropolitan cities, Phoenix is also second in rising construction material and labor costs, with growth at more than 6 percent year-over-year.

“We have 35,000 less jobs in the construction sector than we did at our previous peak and because of this it’s increasing their wages.”

Lifetime Windows & Doors

We want to hear from you.

Have a story idea or tip? Pass it along to the KTAR News team here.

Arizona News

(Pexels Photo)...
KTAR.com

Valley contractor owes employees $2.6M in wages, damages in settlement

A Phoenix-area construction contractor agreed to pay $2.6 million in back wages and damages as part of a settlement reached last month, authorities said.
1 day ago
President Joe Biden tours the building site for a new computer chip plant for Taiwan Semiconductor ...
Associated Press

President Joe Biden touts economic plan at TSMC chip plant in north Phoenix

President Joe Biden on Tuesday visited the site for a new computer chip plant in Phoenix and touted his economic plan.
1 day ago
(Facebook File Photo/Phoenix Police Department)...
KTAR.com

Child killed in 2-vehicle collision on Thomas Road in central Phoenix

A child is dead and three other people are in the hospital after a collision in central Phoenix on Tuesday morning, authorities said.
1 day ago
(Photo by Kevin Dietsch/Getty Images)...
KTAR.com

Special counsel investigating Trump sends subpoena to Valley elections officials

A federal investigator wants know what Donald Trump and his surrogates said to Maricopa County elections officials before and after the 2020 election.
1 day ago
(Unsplash Photo)...
KTAR.com

Pecking orders from Chandler expand rules on keeping backyard chickens

Families in a Phoenix suburb will be counting their chickens, but only up to five, after the city government approved backyard chickens.
1 day ago
(KTAR News File Photo)...
Kevin Stone

Police say possible gun at Scottsdale school was just computer equipment

The student who reported a possible gunman at a Scottsdale high school last week actually saw somebody carrying computer equipment, police said.
1 day ago

Sponsored Articles

(Desert Institute for Spine Care photo)...
DESERT INSTITUTE FOR SPINE CARE

Why DISC is world renowned for back and neck pain treatments

Fifty percent of Americans and 90% of people at least 50 years old have some level of degenerative disc disease.
...
Quantum Fiber

Stream 4K and more with powerful, high-speed fiber internet

Picking which streaming services to subscribe to are difficult choices, and there is no room for internet that cannot handle increased demands.
...
SCHWARTZ LASER EYE CENTER

Key dates for Arizona sports fans to look forward to this fall

Fall brings new beginnings in different ways for Arizona’s professional sports teams like the Cardinals and Coyotes.
Phoenix ranks among top cities in nation for housing, job growth