The typical mortgage payment in Arizona doubled between 2019 and 2023, according to a new research report.
PHOENIX — High interest rates and a low housing stock is making it less affordable for renters or first-time buyers to purchase a home in Arizona, according to a new report.
The Arizona Research Center for Housing Equity and Sustainability released a study this month examining barriers that prevent Arizonans from owning real estate in the Grand Canyon State.
Among the report’s key findings was that the typical mortgage payment in Arizona had doubled between 2019 and 2023, making it so that fewer renters and first-time buyers can afford to purchase a home.
“The combination of high housing prices and high interest rates makes it difficult for both first-time homebuyers and homeowners who might otherwise consider moving,” the report states.
Furthermore, fewer owners are willing to sell their homes if they have a fixed, low interest rate, which can decrease the availability of homes to buy on the market. According to the report, the vacancy rate of “for sale” properties has recently reached an all-time low in Arizona. …
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