Condominiums and apartments have seen an increase in the Central Phoenix area due to the lack of building over the past 10 years.
The supply and demand is up for these places as the education rates have risen as well. This means students are spending more money on school and left with not much to spend on a place to live.
As Arizona State University’s undergraduate population grows every year, there is more and more students looking for condominiums and apartments.
“Essentially the cost of living is cheaper for buying condos,” said Nathan Anderson, an associate with Rebuild the Block.
Another option students have is to rent a house, but even with renting a house you are still paying for the mortgage on it. This means owning is better than renting in the long run.
However, Anderson said the age to have a home ownership has risen as well, which means owning a home is “a little less obtainable” with students as they are part of the younger generation.
By: Amanda Slee