Construction Reporter
  • Home
  • Services
    • Planroom
    • Printing
    • Project Upload
    • Architects & Owners
    • General Contractors
    • Subcontractors
  • Free Trial
  • Become a Member
  • Magazine
  • News
  • Contact Us
  • About
    • About
    • FAQs
    • Privacy Policy

harvard housing study shows continued homebuilding deficit

7/9/2019

0 Comments

 
Picture
Despite a nationwide construction boom, the available housing supply continues to fall short of what is needed, says a new report just released by Harvard University’s Joint Center for Housing Studies.

While the number of people actually comprising households has returned to pre-Great Recession levels, says the State of the Nation’s Housing 2019 report, new home construction remains stubbornly sluggish.

That slow pace, in turn, is inflating the price of the new homes that are available, negatively impacting housing affordability for millions of working Americans.

At issue, according to the report, is both the rising cost of available land upon which to build and continued regulatory constraints.

“These constraints, largely imposed at the local level, raise costs and limit the number of homes that can be built in places where demand is highest,” says Chris Herbert, managing director of the Joint Center for Housing Studies, in a statement.

The Harvard study found that new home construction is most vibrant in the higher-end markets, with middle market housing construction, partly due to increased land costs, remaining too expensive for many home builders to tackle.

But the report also forecasts that both the growing number of Millennials entering the home-buying market, combined with the Baby Boomers who already own homes, will lead to a vibrant home remodeling market.

The rental market, too, is expected to expand with an anticipated 400,000 new units slated for construction each year for the next decade.

Harvard researchers also show that the share of homes available to median-income individuals varies widely in the West.

In metro Albuquerque, median household income stands at $50,900, with the share of affordable homes at 68.4 percent; El Paso has a median household income of $44,400; with a nearly 77 percent share of affordable homes.

But in the booming Denver-Aurora-Lakewood market, the median income stands at $76,600, with the share of affordable homes at only 49 percent.

By Garry Boulard

0 Comments

Your comment will be posted after it is approved.


Leave a Reply.

    Get stories like these right to your inbox.
    ​Sign up for our newsletter

    Subscribe

    Archives

    March 2023
    February 2023
    January 2023
    December 2022
    November 2022
    October 2022
    September 2022
    August 2022
    July 2022
    June 2022
    May 2022
    April 2022
    March 2022
    February 2022
    January 2022
    December 2021
    November 2021
    October 2021
    September 2021
    August 2021
    July 2021
    June 2021
    May 2021
    April 2021
    March 2021
    February 2021
    January 2021
    December 2020
    November 2020
    October 2020
    September 2020
    August 2020
    July 2020
    June 2020
    May 2020
    April 2020
    March 2020
    February 2020
    January 2020
    December 2019
    November 2019
    October 2019
    September 2019
    August 2019
    July 2019
    June 2019
    May 2019
    April 2019
    March 2019
    February 2019
    January 2019
    December 2018
    November 2018
    October 2018
    September 2018
    August 2018
    July 2018
    June 2018
    May 2018
    April 2018
    March 2018
    February 2018
    January 2018
    December 2017
    November 2017

    Categories

    All

AFFILIATES

Picture
Picture
Picture
Picture
Picture
Picture
Picture
Picture
Picture
Picture
Picture
Picture
Picture
HOME
PLANS & PRICING
FREE TRIAL
MAGAZINE​
BECOME A MEMBER
PRINTING SERVICES
FAQS
CONTACT
​ABOUT

TIMELY, RELIABLE NEWS SINCE 1949 ​Construction Reporter
​
4901 Mcleod Rd NE STE 200A
Albuquerque NM 87109


​Phone: (505)-243-9793
Toll Free: (877)-292-5793
​Fax: (505)-242-4758

Copyright © 2022 Construction Reporter
User Agreement   Privacy Policy   Archive Policy
  • Home
  • Services
    • Planroom
    • Printing
    • Project Upload
    • Architects & Owners
    • General Contractors
    • Subcontractors
  • Free Trial
  • Become a Member
  • Magazine
  • News
  • Contact Us
  • About
    • About
    • FAQs
    • Privacy Policy