Affordable Housing Is Becoming A Top-Tier Issue For Arizona Voters
By Daniel Stefanski |
Arizona voters are increasingly worried about the rising cost of housing as the November General Election approaches.
Last month, Noble Predictive Insights (NPI) released the findings of a poll, showing that “affordable housing has officially cemented its status as a top-tier issue for Arizona voters.”
In the top issues facing Arizona for this survey, “Affordable Housing” registered third in importance. “Inflation” and “Immigration” were the top two issues on the minds of Arizonans.
Affordable Housing was ranked as the third-highest issue for Republicans, Democrats, and Independents alike. Inflation was also a top three issue for all three voter demographics.
“Immigration, abortion, inflation – when these issues come up, the parties know what they’re talking about. And voters know who they trust. Housing is a different animal. Housing costs are just too high, and it’s becoming a bipartisan concern,” stated David Byler, NPI Chief of Research. “This is a rare opportunity for both parties – an important issue where neither side has a pre-existing advantage or even a defined message. The party that figures out how to win on housing will benefit hugely.”
The survey conducted by NPI occurred in mid-August with just over 1,000 registered voters.
According to Zillow, the average home value in the State of Arizona is $431,492 as of August 31, which is up 2.4% over one year. Meanwhile, the average United States home value, per Zillow, is $361,282, which is up 2.9% over the past year.
Arizona Senate President Warren Petersen addressed the poll’s findings with AZ Free News, saying, “The American dream of homeownership has become unattainable for the working-class under the Biden-Harris Administration. We attempted to make homes more affordable last year for our citizens with the Arizona Starter Homes Act, but unfortunately, the Governor vetoed the bill after caving to pressure from special interests and the Biden-Harris Administration’s Department of Defense. To add insult to injury, the Governor halted home construction in two of the most booming areas of the Valley, worsening Arizona’s supply shortage. Republicans at the Legislature will continue to draft commonsense solutions to get government out of the way, and to speed up home construction, so prices can come down. We’re hopeful the Governor will do the right thing by signing those bills into law.”
In a piece for The Heritage Foundation this summer, EJ Antoni, a Research Fellow, wrote about the reasons for skyrocketing home values and costs in Arizona. He said, “Over the last four years, the federal government spent trillions of dollars it didn’t have and far more than it was capable of even borrowing. To cover the shortfall, the Federal Reserve created money for the Treasury to borrow and spend. While that solved the federal finance problem, it also unleashed the worst inflation in four decades and spawned a cost-of-living crisis. While inflation causes prices everywhere to rise, the housing market in particular has seen stratospheric increases in sales prices. Part of the Fed’s plan of creating trillions of dollars for the Treasury was keeping interest rates artificially low, and that made borrowing extremely inexpensive, including borrowing for a home.”
Antoni added, “Potential home buyers had access to so much cheap credit that they collectively bid up the prices of homes to never-before-seen levels. After the Fed’s low interests and easy credit created inflation, however, the central bank swung the monetary levers in the other direction and initiated fast interest rate hikes. That suddenly made borrowing prohibitively expensive for countless Americans.”
As Antoni concluded his piece, he stated that “in Arizona, it has reached the point where a single working adult needs to earn $97,000 to live comfortably. That’s over 50 percent higher than the median income for a single full-time worker. If you want to comfortably support a family of four in Arizona, you’ll need to earn $231,000. Even with two working adults, they’d need to each earn almost twice the median income of a full-time worker to hit that annual income.”
Daniel Stefanski is a reporter for AZ Free News. You can send him news tips using this link.