Phoenix Home Building Boom to Continue, Driven by Jobs and Affordability Luring New Residents
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Phoenix remains a top market for home building due to strong job, population, and income growth from people relocating from more expensive areas
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Forecast shows 15,500 new homes started in Phoenix in 2023, increasing to 17,000 in 2024
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Phoenix ranks high for population growth and new high-wage jobs while remaining relatively affordable
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Millennials are buying 33% of new homes, but baby boomers buy the most at 41% to be near family
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While costs and rates pose challenges, lower inflation forecasts could bring mortgage rates down to 6% by end of 2024, supporting demand