Consultant: Casa Grande buyers priced out as prices rise; multifamily supply easing rents
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Summary
A consultant presented data showing Casa Grande's median resale price rose from about $205,000 in 2019 to $335,000 and that a median household income of about $66,000 can afford roughly $248,000 — meaning most homes are out of reach; the presentation noted multifamily additions have temporarily softened rents and recommended smaller lots, ADUs and manufactured housing as options.
Danny Court, a partner and senior economist at Pollock & Company, briefed the council on national and local housing trends and delivered a deeper look at Casa Grande's multifamily market.
Court said resale home prices in Casa Grande rose from an average of about $205,000 in 2019 to roughly $335,000, and that with a median household income just over $66,000 a typical household could afford a $248,000 home. "When we looked at all the sales in Casa Grande in 2024, 12% of the resale homes sold for at or less than 248," Court said, adding that "88% of the homes were too expensive for the median household income in Casa Grande." He highlighted that nearly 50% of renters in Casa Grande pay more than 30% of their income toward housing and that 1,260 households spend more than 50% of their income on rent — placing those households at risk of homelessness from even a minor economic shock.
On the supply side, Court said the city has recently seen an influx of multifamily permits following a long absence of new apartments, and that new supply has driven higher vacancy and concessions (two to three months free rent in some cases), which is easing rents temporarily. He recommended city policy options to address affordability, including allowing smaller lots and smaller floor plans, encouraging accessory dwelling units, and supporting manufactured housing with appropriate design standards.
Council members asked for a copy of the presentation; staff confirmed the materials will be posted online and that the housing study will return to council for consideration at an upcoming meeting.
No vote was required on the presentation.
