Phoenix - Silicon Desert
A 2016 report by Yardi Matrix detailed Phoenix's strong multifamily drivers. Almost a year later, these drivers have only gotten stronger.
The report looks at demographic and employment trends spurring Phoenix's robust growth such as:
Affordability
Population growth
Job growth
Affordability: Phoenix continues to be among the most affordable of the larger metros in South/Southwest U.S.A. with a median home price of $245K compared to $225K in Houston, $244K in DFW, $304K in Salt Lake City, $377K in Denver, $520K in L.A. county, and $495K in San Diego
Population growth: Maricopa county was the fastest growing county in the country per the latest census bureau estimates. Maricopa county added 81,360 residents between July 2015-July 2016 ahead of second place Harris county, TX which added 56,587 - losing its top spot after eight years in a row.
Job growth: Arizona added about 53,000 nonfarm payroll jobs - a 2% increase putting it among the top states for job growth. Uber, Shutterfly, Yelp, among other silicon valley companies sport a valley presence and more are expected to follow. Amazon now has 5 fulfillment centers in the Phoenix area including some of its largest centers.
As these three key drivers gain in strength, Phoenix continues to emerge as an affordable destination with a rapidly improving employment, culture, culinary, arts, logistics, and tech scene.
Yardi Matrix's Silicon Desert Report can be found here.
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