PHOENIX — Data shows the Valley is experiencing a years-long housing shortage, and there doesn't appear to be much improvement happening.
According to a study from earlier this year, the Phoenix area was short about 120,000 homes as of 2022, which was the latest available data.
The housing shortage is believed to be one of the factors leading to the Valley’s high housing costs.
Unfortunately, data shows not much progress has been made in terms of housing availability.
“Housing affordability largely boils down to supply and demand,” an Axios analysis states. “When buyers return to the market, there won't be enough homes to meet the demand and prices are expected to climb.”
Home and housing complex builders are also impacted by rising construction costs, meaning perhaps fewer new builds are going up.
In the video player above, ABC15’s data expert Garrett Archer digs deeper into the data and what it means for Valley residents.
