The 5th largest city in the U.S., Phoenix is growing quickly and offers excellent opportunities for long-term real estate investors. Why are we such fans of Phoenix, and of Arizona?
The jobs are here! Arizona was ranked second out of all 50 states for job growth in 2019.
GDP is on the rise. Arizona’s GDP increased 4% in 2018, the fourth-fastest growth rate in the nation. This rate of growth surpassed that of 46 other states, including California, Florida and Texas.
The economy is diverse. Key industries include technology, real estate, financial services, manufacturing, health care, retail, professional services, construction, and tourism.
Tech is on a tear. Arizona’s tech sector is growing at a rate 40 percent faster than the U.S. overall. And Phoenix is now in the top four for start-up activity, and top four for the manufacturing of semiconductors.
Phoenix is affordable. It was recently ranked as the most affordable city in the West.
Jobs and affordability are driving significant migration. Arizona was ranked as the #3 state for inbound migration in 2019, with a particularly strong inflow of businesses, talent and money from CA. For the third consecutive year, Maricopa County -- where Phoenix is located -- grew more in 2019 than any other county in the U.S.
Arizona is business and landlord-friendly. The state has a streamlined regulatory environment, and property owners have the law behind them.
Arizona is tax-friendly. Property taxes are in the lowest third of all states in the country, which is ideal for real estate investors.
These trends are driving rents and real estate prices higher, to the benefit of Whiskey Creek and our investors. According to Zillow Group, Phoenix is expected to be among the top five housing markets during 2020. Rents rose 5.2% annually in the Phoenix metro area last year. And at 8.42%, the appreciation rate for Phoenix continues to be one of the highest in the nation.
Sound promising? Get in touch to find out more about investing in Phoenix real estate with Whiskey Creek.