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PublisherThe University of Arizona.
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AbstractOver the past decade, Arizona has seen an increase in property values, which in turn has increased the cost of living. Housing unit reports have shown a steady rise of new construction in the most populated cities in Arizona. This study should allow potential homeowners or investors to become aware of the best time to purchase homes or property as the market continues to rise and fall. The study also sheds light on potential root causes for the rising costs of living. Climate change has been a major issue in California, as there have been increases in wildfires over the last decade. Data is used to show the amount of damage caused by wildfires throughout the state. Assessing Arizona and California’s population disparity over the last decade provides fidelity of population to housing unit growth. This data is then compared to the average cost of the housing in the respective counties. The implications of this study, for future homeowners or investors, would be an anticipation in equity losses if the said property is purchased during inflation. Since 2016, the study depicts a steady 1% increase in housing units every year. This may not seem like a significant amount; however, for one county in Arizona it was an increase of 100,000 housing units (as well as a 200,000-population increase) in just five years. The analysis implies a strong correlation between the areas in California affected by wildfires also being the areas with the most population loss. The reported number of Californians leaving these affected areas also correlates to the amount of realty purchased in Arizona. Cities in Arizona share climate similarities as well as boast a lower cost of living, making Arizona an ideal spot for relocating. The total number of population increases are a direct reflection of the most populated counties in Arizona. As the study focuses on the root causes of the inflated prices, the outside influences that are migrating people to Arizona will cause a housing crisis when the economy bounces back.