There’s a good reason the population of our state grew at nearly double the national average over the last decade and was ranked among the top five fastest-growing states: Opportunity.But despite our economic growth, the cost of housing is growing way faster than wages.To afford the average single-family home in metro Phoenix, you now need to have a six-figure income. But the median annual salary for a full-time employee in Arizona as of January 2024 is $52,700.People who serve our communities, like teachers, nurses and first responders, are being priced out of home ownership and the American Dream in Arizona.Instead of becoming homeowners, they’re quickly finding themselves as cost-burdened renters, meaning they will spend more than 30% of their monthly income on the average apartment.Corporate investors are gobbling up homesA For Sale sign is posted outside a home in Glendale, Ariz. on Feb. 26, 2024.There are several reasons for the sky high cost of housing, but one that isn’t talked about enough: Price-gouging middlemen.Megacorporations make their investors and executives filthy rich by hiking prices on many of our basic needs, including prescription drugs and groceries.It’s no surprise that rents and mortgages are also a target for greedy investors looking to make a big profit on the backs of hardworking Arizonans.Concerningly, Arizona has become a top location for out-of-state property investors.One Pew Research Center study found that Wall Street hedge funds and other corporate investors purchased an eye-popping one out of every three single-family homes in Arizona on the m …
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