Investing in Arizona is no longer meant for uncertain retirement projects in the desert. The retirement projects are also available for investment, but Phoenix has grown to the extent that it is now offering investors a much more full range of possibilities in venture. In addition to big cities, Phoenix caters to retirees; resort condos in desert ridge Az have a younger demographic and Scottsdale Arizona has a substantial immigrant population all having different housing needs. Jobs in Phoenix have taken the most significant strides in economic growth are being created at a rate twice that of the country.
Many of these jobs are in retail, healthcare, and the surging financial sector. Phoenix, therefore, has the most robust demand for housing. Job growth has also been active in neighboring municipalities like Scottsdale, mainly in the healthcare and retail industry as expected of the significant percentage of retiree population present in the region.
There are strong prospects of prices of houses to shoot by at least 25% over the next two to three years, which means that you should not hesitate if you have plans to buy condos there. Prices have been firmest in Phoenix itself but slightly weaker in the suburbs southeast. Phoenix also has almost 40 per cent proportion of renters. A promising investment in the former is purchasing single-family properties and renting them out. This is mostly because of the rising rent prices. Housing needs in Phoenix are so high that splitting single-family homes into multiple rental units is a very favorable endeavor. Renting in Phoenix is still expected to expand in future years with the comparatively lower pay in the rapidly growing healthcare and retail sectors.
At this time, mortgages are a favorable investment since home prices are expected to keep rising for the next couple of years, and hence the equity cushion for new mortgages will likely proliferate. However, prices remain in balance with local incomes. Therefore, the risk of default will continue to stay average. Investments in restaurants and retail stores are already taking significant steps because of the fast population growth in Phoenix and are expected to remain favorable investments. The rapid growth of the healthcare and finance sectors in Phoenix will undoubtedly lead to a surge in demand for more office space.
North Phoenix is especially ripe for property investment. With complementing services and numerous institutions in the region, apartments are set to be in high demand over the next three years. Among the institutions are schools and healthcare facilities that encourage single-family properties investment to boom.
Phoenix also has colleges, schools, famous parks and landmarks, theaters, top restaurants and more great areas near most of the condos on sale. There is a horde of apartments that offer high prices and services (including pet-friendly services) all around Phoenix. This has also contributed to the increased demand for apartments and condos that have been experienced late in Phoenix.