How have rising home values changed Phoenix neighborhoods?
KJZZ recently collaborated with the Arizona Center for Investigative Reporting to see how the Valley of the Sun has changed since the economic downturn in a project called “The New Neighbors.” Their reporting breaks down specific Phoenix neighborhoods and what shifts in the housing market have done to them, for better or worse.
In the Coronado neighborhood, modern upgrades on historic houses are one obvious recent change — but so are Dumpsters and for-sale signs indicating the area is a hot spot for house flippers. Subtler changes in the area include bike-share stations, which aren’t always appreciated by the local residents who think that money could be spent on improving public transportation instead. According to data by the Arizona Center for Investigative Reporting, home values have increased 119.7 percent since 2011 and rents have increased 30 percent while the median household income has only increased 5.8 percent in the same time.
The Garfield neighborhood has changed significantly and home values are on an upswing. Cycling is easy thanks to numerous bike lanes and there’s great walkability to nearby restaurants and entertainment. Over the last six years, home values have increased 140 to 160 percent, which helps those who have built up equity as the median household income has decreased 10.4 percent.
Broadway Heritage in South Mountain Village is currently full of building crews, but unlike the previous neighborhoods where they’re constructing upgrades or property additions, this region is full of empty lots. However, the infill projects that waned during the recession are back thanks to affordable housing developers. Home prices have surged 107.3 percent since 2011 while rents soared over 20 percent from six years ago. Luckily the resident median household income has increased 32.7 percent, which is one the highest in the surrounding neighborhoods.