“We used to have this correlation between employment population and housing,” says Stapp. So that exacerbated matters.” The work-from-home measures of the pandemic also brought new workers to Phoenix, looking for larger environs and lower costs. All of a sudden it starts to back up because one person hit the brakes. “All you had to do was pump the brakes for six or eight months and it caused a couple of years of setbacks,” he says. When the pandemic hit, says Stapp, supply slowed down even more. “All of those things consume concrete, steel and other materials that are shared by home building-both apartment and single family-so there’s a competition for those scarce resources.” That infrastructure comes with jobs, but it sucks resources. “There’s a an incredible amount of industrial and advanced manufacturing, distribution, warehousing space, that’s being built in Metro Phoenix-more than any time in its history,” says Stapp. There’s a lot of people who feel they are being forced out.” “I’ve got a good solid quality job and I’m feeding my family and I’m making good money and we put roots down here,” says Larson. So families like the Larsons, who say they will pretty much move anywhere in a 25 mile area up and down the Phoenix Valley, are facing a shortage of options. In the same decade as its population has blossomed, the number of residential units grew by only 11%. One of the reasons they moved there-so they could have a yard and some space in a city where more than two thirds of homes are single family dwellings-is also one of the reasons it’s suffering such a housing shortage. But recently that growth has been sharper in 2020, 291 people moved to Maricopa County per day, according to some estimates. for several years, growing about 20% in a decade. The Phoenix metropolitan area has been one of the fastest growing regions of the U.S. They sold their old home to move to the southwest, seeking sun and a little more room to breathe. The Larsons are not first time homebuyers. “For somebody like us, wanting to buy a home and or have a little American dream- it’s made it impossible.” “People are paying so much more than these houses are worth,” he says. They have made several same-day offers that were over asking price and were still tens of thousands of dollars short. Now the home they’ve been renting is being sold for more than double what the owners paid seven years ago, and the family has been looking for a place to buy for six months. They decided to hold off buying a place to make sure the move was permanent. The Buyerĭirk Larson moved from the Pacific Northwest almost eight years ago with his wife and two children.
“This is going to buy us some time to find a new home for them that they won’t have to move from again,” says Lorig.
Finally, they negotiated with their new landlords for a smaller rent increase in return for some other concessions.
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Even after a local TV show picked up their story and they started a GoFundMe, they could not get enough money together to buy a home. They qualified for a lot of homebuyer assistance but they’re in wheelchairs and need a place close to their medical appointments. She took on an elderly couple whose rental home had been sold. “So they have to find something new and they’re finding that the deposits alone for rentals is just outrageous.” “You just hear the stories of many people trying to find a rental because of a $600 to $800 increase or because their landlord decided that they wanted to sell,” she says. Lorig also works in rentals, and that market has been even more of a slog. “It’s definitely more feasible if you’re a listing agent because you’re just waiting for all the offers, but there’s a lot of phone calls to answer. “As a buyer’s agent, it’s hard to compete with the cash buyer,” Lorig says. The rising prices have attracted a surge in interest from institutional investors that has seen local first home buyers getting outbid by all cash offers with incentives for the sellers-like being able to stay in the house a few more months for free-that an individual buyer can’t match. I do not like this market as a realtor,” says Nicole Lorig, who has been a licensed realtor in the area for five years. You’d think people who sold homes for a living would be having a heyday. Phoenix has enough for less than one month. The RealtorĪ healthy housing market, experts say, is one in which there are enough homes for sale that if no new ones came on the market, it would take four to six months for the supply to run out. TIME talked to locals to examine why they think the city named after a bird thats spontaneously combusts has gotten so expensive-and how it feels to be so near the blaze. But there are some forces that are unique to Phoenix.
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