We've all heard it before...buying a home is so often centered around location, location, location. But that's good news for Arizona, because where populations are increasing is where people will be buying homes. 
 
On December 22, 2008 the U.S. Census Bureau released good news for Arizona.   Arizona was the second fastest-growing state increasing 2.3 percent between July 1, 2007, and July 1, 2008.  This percentage increase represented 146,759 people.

A population increase of 146,759 people means 48,920 housing units were needed.  How economists come up with 48,920 housing units is by dividing the numeric population growth by the average number of people per home (146,759 / 3 = 48,920).  A housing unit is defined as an apartment rental, residential rental, new home or resale purchase.       

This increase in population is a fundamental that helps reduce the oversupply of homes.  Reducing the supply of homes helps stabilize our residential market.  

Even as the market struggles, it is encouraging that people still want to move to Arizona and that eventually will help eat away at the inventory of houses and condos.

A recent national survey by the Pew Research Center reveals that Phoenix and its suburbs are among the top seven metropolitan areas where Americans would like to live.

One-third of 2,260 survey respondents said they would want to live in Phoenix. That is narrowly behind Orlando, Tampa and San Francisco.

Denver, San Diego and Seattle finished in the first three spots in the survey involving 30 cities. Cincinnati, Cleveland and Detroit were at the bottom.

It's revealing that nearly half of those surveyed, 46 percent, said they would like to live somewhere else.

Thirty percent pined for small-town life, 25 percent favored suburbs, 23 percent liked urban life and 21 percent thought rural was right for them.

A hot-weather place was better than cold by 2 to 1.

All that seems to bode well for the Phoenix area and other Sun Belt cities. Central Arizona's cities truly are beautiful. Combine that with homes built by some of the top builders in the nation, that makes Phoenix and the surrounding area a great place to live!