A recent report from the National Association of Realtors and realtor.com sheds light on a nationwide housing shortage, citing that an adequate supply of homes in all income levels would be required to ease the current trend.
The report found that in order to quell the housing shortage, there needs to be a focus on building homes that are affordable for those at all income levels. It went further to state that without an emphasis on this, the shortage will remain unsustainable; this is especially concerning since it has the potential to impact housing prices, resulting to an increase.
To combat the issue the report recommends that all levels of government, whether local, state, or federal, work to improve and incentivize the creation of new housing supply. In addition, regulations should be modernized to accommodate the need for housing.
Key Points:
• A report from NAR and Realtor.com indicates that a housing shortage could be eased by an ample supply of homes in all income levels;
• An imbalance between entrances to the market and the amount of available homes could result in rising housing prices;
• The report suggests that levels of government should create incentives, modernize regulations, and improve infrastructure to improve housing supply.
You can read this full article at: https://www.housingwire.com/articles/median-income-earners-can-only-afford-25-of-current-listings/(subscription required)
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