How the Taiwan Semiconductor TSMC will affect home prices in Peoria AZ
Posted by Troy Elston, REALTOR on March 13, 2023
Peoria, Arizona is a rapidly growing region with a thriving economy and a promising future. In recent years, the area has seen a surge in job opportunities, thanks to the presence of major companies like Amazon, Intel, and Boeing.
Here’s a summary of what you’ll find on this page:
- TSMC’s Impact on North Peoria’s Economy
- Increased Demand for Housing in North Peoria
- Price Appreciation in North Peoria Real Estate Market
- Benefits of Investing in North Peoria Real Estate
- Lennar Homes Plans to Build Near the TSMC Site
However, the latest addition to the list of companies setting up shop in North Peoria is one that is expected to have an even more significant impact on the area’s economy and real estate market – Taiwan Semiconductor Manufacturing Company (TSMC).
TSMC, the world’s largest contract chip maker, announced its plans to build a new manufacturing plant in North Peoria in May 2021. The facility, which is expected to be operational by 2024, will produce advanced semiconductor chips for a range of applications, including smartphones, gaming devices, and high-performance computing systems.
The establishment of the new plant is expected to create thousands of jobs and generate billions of dollars in economic activity. But how will it affect home prices in North Peoria? Let’s find out.
TSMC’s Impact on North Peoria’s Economy
The establishment of TSMC’s new manufacturing plant in North Peoria is expected to have a significant impact on the area’s economy. The company’s investment in the region is projected to generate more than $38 billion in economic activity over the next 20 years. The plant is also expected to create thousands of high-paying jobs, both directly and indirectly.
TSMC’s decision to invest in North Peoria is a testament to the region’s strong economic growth potential and favorable business environment. The company cited the area’s talented workforce, excellent infrastructure, and pro-business policies as key factors in its decision to choose North Peoria as the location for its new manufacturing plant.
Increased Demand for Housing in North Peoria
With TSMC’s new manufacturing plant expected to create thousands of jobs, there will be a significant increase in demand for housing in North Peoria. The influx of workers is expected to create a surge in demand for both rental and owned properties, leading to a potential shortage of housing supply in the region.
Price Appreciation in North Peoria Real Estate Market
Housing market trends predict that the increased demand for housing in North Peoria is expected to drive up home prices in the region. With a limited supply of available housing, sellers will be in a position to ask for higher prices, while buyers may have to compete with each other to secure a property.
According to Zillow, the median home value in North Peoria is currently around $433,000. With the establishment of TSMC’s new manufacturing plant, there is a possibility that home prices in the region could increase significantly over the next few years.
Homeowners who have invested in properties in North Peoria could potentially see a significant appreciation in their property values, making it an excellent time to consider selling their homes or investing in additional properties.
Benefits of Investing in North Peoria Real Estate
Investing in North Peoria real estate could be a smart move, given the area’s projected economic growth and the potential for appreciation in property values. Here are some benefits of investing in North Peoria real estate:
- High appreciation potential: With the establishment of TSMC’s new manufacturing plant, there is a high probability that home prices in North Peoria will increase significantly over the next few years. This provides a good opportunity for real estate investors to earn a high return on their investment.
- Favorable business environment: North Peoria has a business-friendly environment, which is conducive to economic growth. This makes it an attractive location for businesses to set up shop, which in turn leads to increased job opportunities and demand for housing.
- Strong rental market: North Peoria has a strong rental market, with a high demand for rental properties. Real estate investors can take advantage of this by investing in rental properties and earning a steady rental income.
- Diversification: Investing in North Peoria real estate provides a diversification opportunity for investors. Real estate investments have a low correlation with other asset classes, such as stocks and bonds. This can help investors to diversify their portfolio and reduce overall investment risk.
Lennar Homes Plans to Build Near the TSMC Site
The area near the TSMC fab is quickly becoming a hub for new businesses and homes due to its strategic location. Lennar Homes’ decision to build the Middle Vistas community demonstrates their commitment to providing high-quality homes in a prime location. Things are definitely looking good for North Peoria Real Estate.
Lennar Homes, a leading home builder, has announced plans to construct over 200 homes in the Middle Vistas community located along the south of Loop 303 and Interstate 17. The 228-home community will be situated on the west side of I-17, north of the Central Arizona Project canal, and south of the Dixileta Road alignment.
The single-story homes in the Middle Vistas community will range between 1,700 and 2,600 square feet and will be priced between $400,000 and $500,000. Lennar Homes has designated 120 acres of the 190-acre parcel for a pristine mountain preserve and will donate it to the city of Phoenix. The remaining 70 acres will be used to build homes.
The area surrounding the TSMC fab is expected to witness a surge in new businesses and homes. With its unique location, the Middle Vistas community is well-positioned to offer residents a serene and picturesque environment. The availability of the private land and the proximity to the major transportation corridor make the community an excellent investment opportunity for those looking to buy a home. The area waits in anticipation for the massive economic growth just around the corner.
Frequently Asked Questions (FAQs):
Will the establishment of TSMC’s new manufacturing plant lead to a housing shortage in North Peoria?
It is possible that the influx of workers created by TSMC’s new manufacturing plant could lead to a shortage of housing supply in North Peoria. However, the extent of the shortage will depend on the rate at which new housing units are constructed in the region.
Will the increase in demand for housing lead to a significant increase in home prices in North Peoria?
There is a high probability that the increase in demand for housing in North Peoria will lead to a significant increase in home prices. However, the extent of the increase will depend on various factors such as the rate of job creation, the rate of new housing construction, and interest rates.
Is North Peoria a good location for real estate investment?
North Peoria has a favorable business environment and a strong rental market, which makes it an attractive location for real estate investment. Additionally, the projected economic growth in the region provides a good opportunity for real estate investors to earn a high return on their investment.
The establishment of TSMC’s new manufacturing plant in North Peoria is expected to have a significant impact on the region’s real estate market. With an influx of high-paying jobs and increased demand for housing, there is a high probability that home prices in North Peoria will increase significantly over the next few years. Real estate investors who are looking for diversification opportunities and high returns on their investment should consider investing in North Peoria real estate.
Are you looking for a home close to the TSMC Manufacturing Plant in Phoenix? Troy Elston, a REALTOR at West USA Realty can help when you’re looking to buy a home in the Phoenix Area. Call 602-740-1035.
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