Phoenix, Arizona, is a regional center and the capital city of Arizona. It is situated in a low desert valley. The city has an average annual temperature of 76.2 degrees, which is hotter than the national average of 36.2 degrees. It is most pleasant in April, March, and November. The worst months are July and August. The city is a great place to live if you're in the area during these times. If you're thinking of relocating to the area, here are some things to know about Phoenix.
If the Zika virus outbreak spreads across the U.S., the real estate market in Phoenix Arizona is likely to take a slight pause. However, a lack of supply isn't the only reason why prices are falling in Phoenix. The state's real estate market has been thriving for several years, and low interest rates have also contributed to the boom. The high demand and low supply have driven up prices. In the next 12 months, Phoenix is likely to remain a seller's market. Although prices may decrease slightly in 2022, the upward trend will likely continue.
Compared to the national average, Phoenix, AZ residents earn higher than the average US household. However, compared to the rest of the United States, Phoenix, AZ's homeownership rate is significantly lower than that of its parent and neighboring geographies. Those living in poverty are typically those whose income is below the poverty line. The largest share of households in Phoenix, AZ have two or more cars and the smallest percentage of households own a single car.
In terms of race, Phoenix is a multicultural city. The majority of residents are white. However, the rest are Hispanic or African American. For example, there are more Latinos than Black or African-American residents in the city. The average age of residents in Phoenix is 34. The most common foreign-born nationality is Mexico. There are 518,257 residents from Mexico whose natal country is Mexico. In addition, there are 51,071 residents from India, and forty-six thousand people from Canada.
In addition to aerospace, Phoenix is home to several notable companies. Some of the largest companies based in Phoenix are US Airways, Mesa Airlines, and U-Haul. The city's free-market development culture has contributed to its growth as a city of many nodes. It has since spawned several freeways to connect the many different areas of Phoenix. A large, educated workforce keeps the population of the area growing.
While Phoenix's housing market is competitive, it remains one of the nation's highest-appreciating communities. This city has a stable climate, a stable workforce, and low cost of living. As a result, home prices have returned to their 2006 highs - a mere 20% higher than their inflation-adjusted peak in 2005. The state's government passed a bill this year to give landlords more flexibility when choosing short-term rental properties.