A sign in front of a home for sale in the Sam Hughes neighborhood near the University of Arizona, September 2024.
According to a new study, a majority of Arizonans remain frustrated with housing costs even as the housing market shows signs of cooling down.
The latest Arizona Public Opinion Pulse from market researcher Noble Predictive Insights found 43% of Arizona residents would be willing to add 30 minutes to their commutes if it meant living somewhere with lower housing costs.
"A lot of Arizonans are willing to move for affordable housing. That represents a massive opportunity for the exurbs of Phoenix and Tucson or really any other that’s willing to build,” CEO Mike Noble said in a press release.
40% of respondents said housing is one of the top three issues facing the state, and that sentiment remained particularly high with Democrats living in urban areas.
According to the results, young people and others with less stable incomes are the most likely to consider moving, either to a less urban area or out of the state.
Younger voters were also likely to support the development of new apartments near where they live, which according to Noble means opportunities for big-city “exurbs.”
“This level of support for nearby apartment development contradicts the usual 'not in my backyard' narrative, and signals that residents recognize new construction as essential to addressing the affordability crisis," he said.
Although Tucson housing prices are over 30% higher compared to 2019, home prices dropped 1% last year, and the price per square foot dropped 1.2%, according to new data from the National Association of Realtors.
Researchers described the slight decrease as a sign the market could be shifting toward a more “buyer-friendly state.”
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