November 25, 2024 3:29 am
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Phoenix homebuilders move down market; heed call for more affordable housing

Steve Hilton, CEO of Meritage Homes. His company sells 41 percent of its homes to first-time buyers. / Photo Jim Poulin / Phoenix Business Journal

By Angela Gonzales | Phoenix Business Journal

Steve Hilton saw the writing on the wall regarding affordable housing in the Valley some 10 years ago well before the real estate market began its recovery.

Hilton’s company, Scottsdale- based Meritage Homes Corp., bought land around the metro Phoenix periphery at the time to build entry-level homes for first-time homebuyers. Land in the outlying areas of Phoenix is less expensive than urban land, so the homebuilder could save on costs and bring lower-priced products to market.

Today, 41 percent of Meritage homes sold nationwide are to first-time homebuyers. Hilton said he is aiming for 60 percent.

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