Housing Affordability Plummets

Housing Affordability Plummets to a 10-Year Low

Soaring materials prices, low inventory, high regulatory costs, labor shortages, and high demand are driving affordability in new home construction to the lowest it’s been in over a decade–since the aftermath of the 2007-8 housing bubble burst.

In some cases, materials costs have jumped 500% with lumber leading the pack.  And regulatory costs have added a whopping 93,000 to homes in some areas and increasing rents by as much as $90 per month.

As of spring 2021, there is a housing deficit of 3.9MM new construction homes to meet demand.  But rising costs make building and buying prohibitive, creating a nation of involuntary renters paying high rents for substandard housing in many cases.

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