"In 6 of the 7 states, home prices have risen faster than the national average, and the national average is already quite high," said Alex Horowitz, director of Pew's Housing Policy Project, indicating the acute affordability issue. He noted, "In all 7 states, rent growth has been higher than the national average." This highlights how underbuilding and high construction costs have severely impacted renters and homeowners, raising concerns ahead of the upcoming elections.
"Arizona has been among the fastest-growing states in the country... The pandemic supercharged pressure on the housing market. Since 2020, Arizona has welcomed hundreds of thousands of new residents." This statement encapsulates the challenges Arizona faces with rapid population growth, and how it has outstripped housing supply, intensifying affordability troubles.
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