HOW WE GOT HERE, HOW WE ADDRESS IT AND THE DEMOGRAPHIC SHIFTS THAT WILL IMPACT WHAT AND WHERE WE CALL HOME
The high cost of city living, along with the desire for bigger housing units on larger lots (fueled by both pandemic fears and the ability to work more from home) is shifting some demographics toward a segment that is willing to live farther out with fewer amenities in return for cheaper housing with more space.
The shortage of housing in America is critical, according to a NATIONAL ASSOCIATION OF REALTORS® (NAR) report — “Housing is Critical Infrastructure: Social and Economic Benefits of Building More Housing.”
The report, authored by the Rosen Consulting Group, found that over the past 20 years, growth in America’s housing inventory slowed significantly across the nation.
The NAR report states the “underbuilding gap”
at 5.5 to 6.8 million housing units since 2001.
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