Great Article Housing Shortages/Prices
Updated: Apr 4
This is a very good article/research paper by the NAHB on showing how price changes in homes can affect affordability- at a local level. Too often we hear about real estate prices and affordability in "average" terms across the country- but real estate, and home ownership, is a local issue.
link to article here
Other industry-related articles here
In the article there is an additional link to a listing of data by metro area- showing what the impact to families in a specific area would be as prices go up.
For example, in Columbus Ohio, when prices go up 1,000 for an average or "median" home, over 1,050 families in the Columbus area can not longer afford, comfortably, a new home priced at the median/average price.
Even more crazy is that there are over 600k families in that group (making less than $135k per year in the Columbus area) that currently can not afford an 'average' home.
We help create new developments that target those families and others that are being stretched financially/can not afford a new "median" priced home in the LOCAL communities- of smaller towns and cities in the Midwest.
Local data like this, along with job growth and other data, shows us where to focus our resources and develop the right size, walkable, community focused residential developments- while creating value, and minimizing risks, for everyone.