Housing crisis by Galvin

Housing crisis by Galvin - October 2024 Scholarship Essay

In this day and age, we find ourselves and others struggling in this economic situation, from the middle to the lower class living paycheck to paycheck and even the upper-class citizens struggling to find homes to settle. As a kid, I didn't think of buying a house in the future because it always felt like there was a right to be housed for children and adults. This, however, has slowly faded as we see the rise in homeless and housing prices. I now look at the future and realize that buying a home might be a long-term dream for me. In this society, we find ourselves struggling to pay rent and mortgages based on the rise of housing, which is affected by the limited availability and increase in inflation. Every day around me, I see the vast Arizona desert being built into apartments and affordable housing. However, this does not necessarily mean that everyone has access to these new housing developments. In fact, many of these new apartments and affordable housing units are often priced well above what low-income individuals and families can afford. Additionally, even if affordable housing options are available, the demand often far outweighs the supply, leaving many people on long waiting lists or forced to live in inadequate and unsafe conditions.
In my childhood, I always grew up in a large family home with no worry that next month I would have to move out. Every day I am thankful for my grandparents, who have passed down the home to my parents. During the 1980s, the Arizona housing market was down and affordable for families; however, in today's housing market, we find that, according to the U.S. Bureau of Labor Statistics, prices for housing are 179% higher in 2023 versus 1987.
Every day while I drive down the highway in Arizona It feels like I see new construction every day. These construction sites have contained gated communities and new luxury malls. These new developments reflect the increasing demand for housing and the growing economy in Arizona. However, this rapid expansion also raises concerns about the affordability of housing for many families as prices continue to rise. Arizona has combated this problem by increasing its affordable housing programs and apartment complexes; however, this is only a temporary solution for families wanting to own their own homes.
In conclusion, I find the housing market in Arizona to be a reflection of the state's good economy but also a source of worry for those seeking affordable housing. While the construction of gated communities and luxury malls indicates a thriving economy, rising home prices and the homeless population reflect Arizona's ability to solve its housing problem. The best way I think Arizona should fix its housing is by requiring banks to have mortgages with lower rates for first-time homebuyers. This would make homeownership more accessible for those who are currently unable to afford it. Additionally, implementing stricter regulations on property developers to ensure the construction of more affordable housing options could also help address the housing problem. For now, people have to deal with the increase in home prices and high mortgage rates or find a temporary solution in apartment housing.