The US housing market has seen rapid change in recent years. In particular, affordability has become an increasing concern for many Americans. While this trend has been generally positive, there is still work to be done in order to ensure that housing affordability is accessible to all.
The most recent analysis conducted by The Demand Institute, a nonprofit organization, surveyed roughly 2,000 Americans in order to gain insight on the national housing market. The results of the survey indicate that many Americans recognize the majority of the housing market is becoming more affordable. In addition, those surveyed demonstrated a strong interest in buying a home.
However, despite the growing affordability in the national housing market, some areas of the country still remain affected by disproportionate costs when it comes to housing. The report also highlights a number of other issues surrounding affordability, including a lack of inventory for sale, unequal access to credit, and rising rental costs. This suggests that, even though affordability is improving, further action still needs to be taken in order to ensure that everyone has access to a safe and secure home.
In light of this data, The Demand Institute has implemented a number of short- and long-term strategies aimed at supporting housing affordability and helping to close the ownership gap between the rich and the poor. These include initiatives to increase the availability of credit for borrowers, develop new housing models such as micro-units, and explore creative solutions to reduce the cost of housing construction.
Overall, it is clear that while affordability in the US housing market has been improving, more work still needs to be done in order to ensure that all Americans can access safe, secure, and affordable housing. The Demand Institute is making strides in this area by developing new strategies to reduce costs and provide more housing opportunities for Americans. With these changes in place, more people could potentially become homeowners and the United States could come closer to achieving its goal of increasing housing affordability and access.
You can read this full article at: https://www.housingwire.com/articles/housing-affordability-is-improving-but-theres-more-work-to-be-done-experts/(subscription required)
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