By admin 
PHOENIX (AZFamily) — If you’re looking to buy a home but struggling to break into the market, you’re not alone.
Read more TUCSON NOW: Ride of silence
A new housing report shows Arizona faces an immediate shortage of 56,000 homes, with a long-term shortage of 110,000, according to the Common Sense Institute.
Affordability remains the central challenge to the housing market. High interest rates translate into monthly mortgage payments that many families cannot afford. As a result, many potential buyers are priced out of the market.
Mark Stapp, an Arizona State University real estate professor, said the shortage represents a deeper problem.
“We have a structural shortage predominantly of single family houses for people to buy, and the idea is that in order for us to have a healthy marketplace, we need people to purchase homes, build equity, have stability, et cetera, and that’s a problem because of the affordability of homes,” Stapp said.
Read more Arizona AG: Pima County woman was selling “Bouncing Betty” land mines, drugs
Stapp said a remedy to the issue is to build more housing in the Valley, which is a process that could take years.
See a spelling or grammatical error in our story? Please click here to report it.
Do you have a photo or video of a breaking news story? Send it to us here with a brief description.
Read more Two injured in shooting in Green Valley