By Axios Phoenix
Metro Phoenix homeowners who want to upsize or move to a new neighborhood are coming to terms with an unfortunate reality: They’re not going anywhere.
Why it matters: People who were lucky enough to break into the housing market before prices and interest rates surged are now unable to move into similar-size or larger homes in the Valley without exponentially increasing their monthly payments.
What they’re saying: “We bought in 2012 and always thought we’d move when our youngest graduated high school. She’s going into her senior year … and we can’t move,” Valley resident Denise Allen told us.
- “With housing prices and … interest levels we are stuck. Even with good equity we can’t.”
The big picture: First-time homebuyers are taking up a growing share of home purchases as existing owners stay put.
