101080 . 14 Home SFR Portfolio

The Phoenix-Mesa-Chandler metro area, often simply referred to as the Phoenix metro, is a dynamic and rapidly growing region. As of 2024, its population stands at approximately 5,015,678, making it one of the fastest-growing metropolitan areas in the United States​. This growth is driven by a combination of economic opportunities, a favorable climate, and a relatively lower cost of living compared to other major U.S. cities. Economically, the Phoenix metro area is a hub of diverse industries, including technology, manufacturing, healthcare, and finance. The region has seen significant investments from tech giants like Intel, which continues to expand its operations in Chandler, contributing to the area’s reputation as a burgeoning tech hub. Additionally, the healthcare sector is robust, with major players like Banner Health and the Mayo Clinic providing extensive services and employment opportunities. The real estate market in Phoenix has been particularly vibrant. The median home value in the metro area is approximately $454,000​. Over the past five years, the region has experienced a substantial increase in home prices, rising from around $280,000 in 2019. This surge is largely attributed to the high demand and limited supply of housing, driven by the influx of new residents and businesses​. Rental prices in the Phoenix metro have also seen significant increases. As of 2024, the year-over-year rent increase is around 25.4%. This sharp rise reflects the high demand for rental properties, particularly as many new residents seek temporary housing before purchasing homes. The total number of renter-occupied homes in the region is approximately 257,538 units, accounting for about 44% of the total housing units​. The median household income in Phoenix is approximately $82,884​, which aligns closely with the national average. This income level, combined with the rising cost of housing, indicates a competitive but accessible market for many residents. Overall, the Phoenix metro area continues to attract new residents and businesses, contributing to its dynamic growth and economic development. With its diverse economy, expanding real estate market, and increasing population, Phoenix is poised for continued prosperity in the coming years.