PHOENIX – The Phoenix area is the third fastest growing major U.S. metro with a below average cost of living, according to a new report from Roofstock Inc.
The cost of living on Metro Phoenix is 1.3% below the national average, the report said. Between 2017 and 2020, Phoenix’s population rose 6.3% – at a time when the US population was growing 1.3% – and ranked Phoenix as the third fastest growing city of any affordable large US metro.
Steven Hensley, advisory manager at housing research firm Zonda, said that Phoenix is generally seen as an affordable MSA even with a large population, and this is still the case after a significant price hike since May last year.
“The population growth in the Phoenix MSA can largely be attributed to its affordability to local residents as well as residents of other major MSAs across the country,” he said.
According to Neustar, Zonda public records and analysis, approximately 54% of local households in the Phoenix area can afford the average home in the area.
Read more about this story from the Business Journal.
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