By Matthew Holloway |
In her latest op-ed, Arizona State Senator Shawnna Bolick expresses a growing alarm regarding the prospect of home ownership for younger adults also highlighted in a RealClear Investigations (RCI) report. In short: both the Arizona Senator and the journalists at RCI have come to the same conclusion: the American dream of home ownership is dying at the hands of our federal, state, and local governments, and lobbyists.
As Bolick noted, property costs in Arizona have steadily increased over the past five years, with the average cost of a home ramping up to nearly $500,000 in the greater Phoenix area. Citing ZipRecruiter statistics, she noted that the average salary in the state is $68,329 annually.
Bolick summarized the problem succinctly saying, “For too many today, such a purchase at a relatively young age is increasingly out of reach. Across most major American cities, home prices are by far outpacing wages. If states experiencing economic growth want to keep up with demand, they will need to do something about affordable housing.”
In the RCI report, Joel Kotkin and Wendell Cox suggested one big problem is the disconnect between urban planners and consumers: ‘‘These choices underscore an analysis of Canadian poll results by Sotheby’s, which suggests a ‘disconnect’ between urban planning and consumer preferences: ‘The picture is of young urban families overwhelmingly preferring detached houses, and decidedly not the condominiums into which planners are driving them.’ As Sotheby’s puts it, ‘The report dispels myths about young, urban families’ housing preferences.'”
Kotkin and Cox also wrote in the investigation that increasingly, the acquisition of a home in America has become reliant on what they term “the classic feudal formula – being born into ‘the funnel of privilege.’” They explained that millennial Americans are “three times as likely as boomers to count on inheritance for their retirement.” And indeed a recent report from the Institute for Family Studies revealed that since 1970, the percentage of young adults who own their own homes has plunged from 50% to as little as 25-30%.
The problem hasn’t escaped the notice of Arizona legislators however, as Bolick noted with her sponsored Senate Bill 1229. She described it as a measure to “address our state’s housing shortage,” which would “deregulate local zoning jurisdictions to reduce unnecessary red tape and overburdensome decision-making coming from our central municipal planning departments.” In addition, she wrote “the bill would allow municipalities to set minimum lot sizes to allow for these types of homes in new developments of five acres or more on lots zoned as single-family homes.”
Matthew Holloway is a senior reporter for AZ Free News. Follow him on X for his latest stories, or email tips to Matthew@azfreenews.com.
