Arizona, once renowned for its affordable living, now finds itself grappling with the consequences of rapid population growth and inadequate housing supply, a problem exacerbated by high interest rates and construction costs. This housing situation threatens the state’s economic vitality and social stability. The recently released “State of Housing in Arizona” report from the Arizona Research Center for Housing Equity and Sustainability, or ARCHES, lays bare the need for a comprehensive, strategic response to this issue.Since 2000, Arizona has welcomed 2.4 million new residents, with projections indicating up to 4.5 million more by 2060. Housing construction has not kept pace. The result is a significant supply shortage that has contributed to home prices increasing 57% from April 2019 to April 2023, reaching a median of …
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