You may have heard that Greater Phoenix is one of the hottest real estate markets in the country right now. Investors nationwide, and even internationally, are flocking to the area to scoop up those in-demand properties with the promise of increased future returns or passive rental income.
But what makes the Greater Phoenix market so unique? And why are investors, aspiring homeowners and retirees flocking to the area as a place to call home?
Job Growth
Jobs are being added at twice the national rate in the Greater Phoenix area. With job growth comes economic growth, and a booming economy often means a healthy housing market. And the jobs coming to the area also create great demand for those relocating to Phoenix. The companies driving the growth in the area are mostly in the retail, healthcare and financial sectors.
The Rental Market Continues to Rise
When investors are looking at opportunities for passive income, they look no further than a city’s rental market – and Phoenix has a thriving one. While vacancies remain quite low, rental rates continue to rise. Developers are attempting to keep up with the demand for rental housing, but investors that have the capital to purchase properties for the purposes of renting can benefit from the scarcity in the Phoenix market.
The Millennial Market
The millennials that were once living with mom and dad, or renting due to outrageous student loan debt and a lack of jobs are now looking for their first homes. They’re getting married, having children and settling down to purchase homes they can build their families in. This demographic is actually predicted to make up 43 percent of home buyers in 2018 and Arizona is no different.
The Focus on Renewable Energy
For those companies and individuals focused on the environment and renewable energy, Greater Phoenix is the perfect city to call home. Its tax incentive and breaks for renewable energy companies is encouraging all kinds of industries to call the state of Arizona home. And due to the state’s focus on the environment, the water supplies in Phoenix are enough for home builders to comply with the state law which requires a 100-year water supply.
A Focus on Economic Development
Greater Phoenix also offers the advantages of their Community and Economic Development Department that helps investors obtain tax credits, low-interest loans, training grants and detailed information about real estate and demographics for those interested in relocating to the area.
Everything Else…
Sure, there are plenty of reasons for people to logically move to Greater Phoenix, but what about the more obvious reasons? Snow birds from the Northeast and Midwest love to flock here for the winters, or retirement. Arizona is amazingly central for those that like to road trip to the various terrains of the U.S. The cost of living is still reasonable compared to other parts of the country. And for retirees, there are an endless number of retirement communities that can give them a booming social life.
Why do YOU live in Greater Phoenix?
