Phoenix Had the Nation's Largest Decrease in Home Ownership During Recession Years

Categories: News
home-ownership-phoenix.jpg
Pew Charitable Trusts


Of the 30 largest cities in the United States, Phoenix had the nation's largest decrease in home ownership from 2000 to 2012.

The nearly 8 percentage-point drop in home ownership in Phoenix over that time-span was only rivaled by the 7.1 percentage-point drop in Philadelphia, according to a report released by Pew Charitable Trusts.

See also:
-ASU Research: Millennials Not Buying Houses in Phoenix Area

The report itself is actually focused on Philadelphia, but it reveals the that Phoenix was hit equally hard, if not worse, by the recession.

Of the 30 largest cities, Phoenix still remains 11th in home ownership, at nearly 53 percent, just ahead of Philadelphia.

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The report also shows that the percentage of Phoenix homeowners making less than $35,000 a year is about average among the nation's largest cities.

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The monthly real estate report released yesterday by Arizona State University's Center for Real Estate Theory and Practice also had a bleak outlook on the struggles of home-ownership in the Phoenix area.

"While move-up owner occupiers and second home buyers are starting to compensate for the departure of investors, activity by first time home buyers is unusually low," the report states.

Sales of homes in all price ranges were down in May of this year over May 2013, but especially the sales of homes priced less than $150,000 which decreased 36 percent.

The school's director has mentioned in recent months that it certainly appears the Millennial generation is more interested in renting, rather than buying, due to a variety of circumstances.

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Follow Matthew Hendley at @MatthewHendley.


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8 comments
valleynative
valleynative topcommenter

The real estate collapse was caused by the collapse of the international credit default swap market.  Nothing to do with Arizona politics.

The reason Arizona was hit harder than a lot of places what that a lot of people who couldn't make it where they were born and raised decided to head west (or north), and for one reason or another, didn't quite make it to California before they stopped.

DonkeyHotay
DonkeyHotay topcommenter

The "American Dream" of Home Ownership = marketing and propaganda from the National Association of Realtors


Got Milk ??


Beef, it's what's for dinner!



Hot.Sauce
Hot.Sauce

It was caused by greedy republican mismanagement and corruption.

marcy
marcy

@DonkeyHotay


I'm quite delighted with the new crop of renters.  They pay their rent on time, pay far more than they would for a mortgage payment, they get extra flexibility and I'm making more money than ever.


I also appreciated the opportunity to load up on beaten down Arizona real estate at the bottom 5 years ago.  Capital gains and cash flow. 



Cozz
Cozz topcommenter

Corrupt politicians that can break all the laws they want and get a free ride from the County Attorney and AG's office, Lots of hate, prisons for profit, the heat and male politicians that can't seem to get their heads out of women's vagina's.
Had I known this years ago about Arizona, I would have never bought a house here. Was a BIG mistake.

valleynative
valleynative topcommenter

@Hot.Sauce 

Unless you happen to know the first thing about economics.

Then, you know better.


DonkeyHotay
DonkeyHotay topcommenter

@Cozz ... you knew The Hate State has always been home to America's Taliban ... outside of their Florida stronghold.



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