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Millennials changing face of Phoenix-area housing market

PHOENIX -- A Valley Realtor said millennials are good and bad for the local housing market.

Home prices kept climbing last year and a Wall Street Journal report based on Deutsche Bank statistics said renting a home in the Valley has become cheaper than buying a home.

Austin, Texas and Sacramento, Calif., join Phoenix in that category. Realtor Diane Brennan, host of "That Real Estate Show" on 92.3 KTAR, disagrees with the notion metro Phoenix is a renter's market.

"Rents will keep going up, which will only make owning a home more affordable and you get the bonus of building equity in your own home," Brennan said.

But she also said the millennial generation was having an impact.

"They're smart, they don't want to take on more debt on top of student loans. They are one of the most educated generations that we've seen," Brennan said. "A lot of them aren't in the jobs they want so they want to be mobile if the get that dream job in San Francisco or wherever. They want to be able to pack up and move."

Brennan said millennials may not be buying homes but they have reignited the downtown Phoenix area.

"They don't want to live in the suburbs, they want to live in the urban area. That will help revitalize businesses downtown."

About the Author

Position: Senior News Reporter. Started with KTAR July 4, 1999.

Favorite spots in Arizona: Pinetop-Lakeside, Alpine, Greer.

Have covered some of the biggest stories in Arizona including nine of the top 10 largest wildfires in state history. The Wallow Fire in 2011 became the largest fire in state history. Rodeo-Chediski Fire in June 2002, which is the second largest fire in Arizona. Covered the Yarnell Hill Tragedy in June 2013 that left 19 Granite Mountain Hotshots dead.

Favorite movies: True Grit, both 1969 John Wayne classic and the remake with Jeff Bridges and Lonesome Dove.

Sports Teams: Washington State University Cougars, Texas Longhorns, The University of Montana Grizzlies.


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