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Housing Affordability Plummets

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Housing Affordability Plummets

August 11, 2021
By Admin
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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.

Click here to read more.

Tags: Affordable homeownership affordable housing construction costs housing affordability housing shortage new construction

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    Monday, 22, Mar
    Spring Cleaning Tips for a Sparkling Home
    Tuesday, 12, Jul
    Five Common Homeowner Questions for First-Time Buyers
    Monday, 27, Jun
    GROWTH by NCRC Managing Director Ed Gorman Leads Affordable Homeownership Session at NCRC’s Just Economy Conference
    Friday, 15, Apr
    Many Americans Resort to Risky Financing to Purchase a Home
    Friday, 1, Apr
    From Wall Street: Forget Owning. Rent the American Dream Instead
    Saturday, 26, Mar
    GROWTH Story: Why Our Life-Changing Mission is so Important to Me.
    Tuesday, 22, Mar
    Tips for Single Parents Looking to Buy a Home

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