Just like its name implies, Phoenix is a city making a comeback
Discover Phoenix's Real Estate
The capital and largest city of Arizona, Phoenix sprawls across the northern edge of the Sonoran Desert. Long one of the United States’ fastest growing cities, Phoenix is bouncing back from the Great Recession stronger than ever before. With cheap homes, a strong economy and warm climate, Phoenix offers real estate investors an unparalleled opportunity.
Culture, History, and Business
Founded as a farming community in 1867 by a veteran of the Civil War, Phoenix is a young city. It grew steadily over the coming decades and when Arizona was admitted as the 48th state in 1912, Phoenix became the capital. However, due to the extreme heat of the area, growth was limited until the 1950s when the advent of air conditioning made Phoenix suddenly a much more attractive place to live. After World War II, the city saw phenomenal growth and went from a population of just 65,000 people in 1940 to being the center of a metropolitan area of 4.73 million people today.
That growth ground to a halt in 2008 when Phoenix became one of the hardest hit cities in the country by the subprime mortgage crisis. While housing prices afterwards tumbled, they have since rebounded and Phoenix is once again regaining its status as a highly desirable destination. The city is also an important business center, with many major corporations located here. Real estate, finance, manufacturing, and retail are especially important industries.
Real Estate Appeal
Real estate is the biggest industry in Phoenix, in large part due to the fact that the city has long attracted people from all over the country looking for jobs, low taxes or a sunny climate. Additionally, there are few constraints on new projects, meaning that new homes and real estate are built quickly and with little hassle. Whether you’re looking to flip a house or use your property for rental income, Phoenix potentially offers a great return on investment.
Despite experiencing a major setback during the Great Recession, Phoenix’s real estate market has rebounded. Factors that have long made Phoenix attractive—such as its climate and diverse economy—are once again helping to attract newcomers. In recent years, people from nearby Los Angeles have been moving to the city as they flee exorbitantly high home prices in LA. Home prices in Phoenix are once again on the rise and demand is increasing, which has helped make Phoenix one of the best cities in the U.S. for real estate investors.
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