New Study: Housing Affordability
A new study by the National Association of Home Builders highlights the nation’s housing affordability crisis (NAHB)
– It’s already a problem for 75.1 million households, or roughly 60% of all U.S households, who are currently unable to afford a new median-priced home.
– Even a small increase can price a lot of families out of the market. The study found that a $1,000 increase in the U.S. median new home price of $346,757 would push 153,967 households out of the market.
Lumber prices alone, which are up 180% in the past 10 months, have pushed 3.7 million households out of the housing market.
THE BIG THREE: Texas had the largest number of home buyers that would be priced of the market followed by California (12,361) and Florida (10,215).
NAHB Chairman Chuck Fowke said in a statement, “While builders across the nation are reporting solid demand for new homes fueled by low-interest rates, favorable demographics and a suburban shift to more affordable markets as a result of the COVID-19 crisis, many prospective buyers are hitting a brick wall due to a run-up in pricing in recent years,”