Tag: housing affordability
Buyers’ Outlook on Housing Availability and Affordability Declines
The increased activity in the housing market in the wake of COVID-19, combined with rising housing prices, has hampered prospective buyers’ outlook on the housing market and their ability to buy a home.
NAHB Urges Congress to Enact Policies to Help Builders Boost Housing Production
NAHB CEO Jerry Howard testified before Congress today and called on lawmakers to enact key policy proposals that will help home builders to expand the housing supply, reduce the housing deficit and improve housing affordability for all Americans. During a hearing before the House Ways and Means Subcommittee on Oversight on the topic of expanding housing access to all Americans, Howard noted that rising home prices, apartment rents and construction costs represent additional risks to housing affordability for prospective home buyers and renters.
Biden Announces Actions to Address Racial Discrimination in Housing Market
President Biden on June 1 announced new steps to narrow the racial wealth gap and address racial discrimination in the housing market at a Tulsa, Okla. event commemorating the 100th anniversary of the race massacre that destroyed “Black Wall Street” in the once thriving Black community of Greenwood.
New Home Sales Soften in April with Growing Housing Affordability Concerns
Rising building materials costs and low inventory have caused new home sales prices to jump 20% on a year-over-year basis, harming housing affordability and driving down the pace of new home sales. Sales of newly built, single-family homes fell 5.9%, following a significant downward revision of the March estimate, to a 863,000 seasonally adjusted annual rate, according to newly released data by the U.S. Department of Housing and Urban Development and the U.S. Census Bureau.
Regulatory Costs Add a Whopping $93,870 to New Home Prices
Regulations imposed by all levels of government account for $93,870, or 23.8% of the current average sales price ($397,300) of a new single-family home, according to a new study by NAHB.
Skyrocketing Lumber Prices Add Nearly $36,000 to the Price of a New Home
Soaring lumber prices that have tripled over the past 12 months has caused the price of an average new single-family home to increase by $35,872, according to new analysis by the NAHB Economics team. This lumber price hike has also added nearly $13,000 to the market value of an average new multifamily home, which translates into households paying $119 a month more to rent a new apartment.
How Builders are Dealing with Rising Lumber Prices
NAHB recently asked builders about their reactions to the rising and volatile lumber prices in its April 2021 survey for the NAHB/Wells Fargo Housing Market Index (HMI).
Minority Households Face Housing Affordability Challenges
New NAHB analysis on housing affordability based on race and ethnicity shows a wide disparity regarding the number of households that can afford a new median priced home.
Mixed-Income Community in Tennessee Sets a High Standard for Redeveloping Distressed Public Housing
One project that has taken providing affordable housing options to the next level is this year’s Multifamily Pillars of the Industry Awards Community of the Year, Kirkpatrick Park.
How Sacramento Is Streamlining Approval Processes to Provide More, Greater Variety of Housing
Sacramento’s 2040 General Plan Update envisions growth of 72,000 new homes and 80,000 new jobs over the next 20 years. Included in the general plan are key themes of housing availability, affordability, racial equity, sustainability and addressing climate change.
