Californians, Boomers Buying up Arizona Homes
According to a new survey, Californians make up a significant portion of home buyers in the Metropolitan Phoenix area. The study, conducted by Marketing Solutions (Las Vegas), also produced data showing that 68 percent of those who bought homes over $300,000 are baby boomers.
Here, baby boomers are defined as those born between 1946 and 1964, along with others born between 1939 and 1945 ("war baby" generation).
The survey also showed that:
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24 percent of all buyers were from California.
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50 percent of investor sales went to Californians.
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Median age of buyers was 47, up from the median age of 41 in a similar survey 6 months earlier.
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Median price of a new home was $230,000, up from $192,786 in the earlier survey.
Another finding indicated that baby boomers preferred slightly larger homes: 2,161 square feet to 2,098 square feet of non-boomers.
Southwest of Phoenix, in Yuma County, a population increase is on the fast track, evidenced by a large influx of Californians taking advantage of Arizona's affordable housing. This corresponds to a statewide trend, where traditionally rural areas are growing more rapidly than metropolitan sectors. As such, prices are rising: in November, 2004, a 7,000 square-foot lot sold for $25,000. Seven months later, in June, 2005, that price had become $45,000.
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