By Angela Gonzales | Phoenix Business Journal
Threat: Affordability. The Phoenix metro is seeing a flood of new residents moving from their homes across the nation, especially in dense areas like New York City and high-cost areas like Los Angeles and San Francisco. They are trading their $1 million cookie-cutter homes in California and dense flats in New York for spacious, luxury homes in the Valley.
But with housing inventory near an all-time low, demand is far exceeding the current supply. That is causing home prices to skyrocket, with the Phoenix metro repeatedly topping the nation in home price growth. Rapidly rising prices is a threat to the low cost of living — one of the things that makes the Valley an attractive place to live.
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