Few housing markets in the U.S. Were hit harder than the Phoenix, despite recent data showing single family homes increasing in price over 30% from a year ago, a result of low inventory, and according to Zillow.com, the U.S. Housing market also showing signs of improvement, half of homeowners under 40 are likely to be underwater in their homes.
According to Harvard’s Joint Center for Housing Studies, between now and 2015, the number of renters households will increase by 1.8 Million.
In addition to increasing demand for multifamily housing of former distressed homeowners, according to research from Arizona State University, the Phoenix metro area was 4th in the U.S. Among large cities for job growth between July 2011 to July 2012 and is expected to rank in the top 10 states for the year as a whole. Which is a big improvement from 2010 when Arizona ranked 49th in annual employment growth.
According to multifamily housing professionals the Phoenix area ranks at the top of the list of places where future population growth are likely
It is no wonder that the top 10 property searches for the Phoenix area are all Multifamily properties.
This information is for informational purpose and not intended to be investment advise, and should be explained to you in detail. You should always feel free to consult an attorney and/or tax adviser to obtain further information you deem necessary. I want you to be prepared.