Yes.
Though the number of homes available in the metro Phoenix area has increased year over year, more inventory does not necessarily mean there is sufficient housing to accommodate all buyers and renters.
When assessing housing availability, analysts also consider location, quality, home type and population growth—as well as cost, since a “housing shortage” can also refer to a dearth of affordable homes.
The current median price per square foot of listed properties in Phoenix differs only slightly compared to last year, suggesting that while there may be more homes available, they may not be more affordable.
A March 2024 report from the city of Phoenix indicated that families earning the city’s median income could afford about 22% of Phoenix-area homes, compared to nearly 70% of homes in 2014. Tens of thousands of low-income residents also remain on the city’s waitlist for Section 8 housing vouchers.
This fact brief responds to conversations such as this one.
The Arizona Center for Investigative Reporting partners with Gigafact to produce fact briefs, or quick-response fact checks, about trending claims relating to Arizona.
Sources
- Arizona State University News, Housing crisis affecting Phoenix area, ASU reports show
- Federal Reserve Bank of St. Louis, Housing Inventory: Active Listing Count in Phoenix-Mesa-Scottsdale, AZ
- Federal Reserve Bank of St. Louis, Housing Inventory: Median Listing Price per Square Feet in Arizona
- Realtor.com, Residential data
- Congressional Research Service, U.S. Housing Supply: Recent Trends and Policy Considerations
- University of Arizona, Economic and Business Research Center, Arizona Housing
- City of Phoenix Human Services Department, 2024 Community Assessment Two Year Update
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The Arizona Center for Investigative Reporting is partnering with Gigafact to produce timely fact briefs, or quick-response fact checks, about trending claims relating to Arizona.
