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NAR's 2020 Policy Forum Addresses Affordable Housing Crisis

Friday, February 7, 2020   (0 Comments)
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NAR's 2020 Policy Forum Addresses Affordable Housing Crisis

 

RESPRO® participated in the National Association of REALTORS® 2020 Policy Forum. During the Supply of Affordable Housing panel, the speakers addressed the following supply and demand challenges:

Young adults will add approximately 20 million households over the next 10 yrs

Current construction rate is 370,000 units per year below level for long-term housing demand

Annual construction should be 260,000 units higher to keep pace with household growth

2019 had the lowest mobility rate in US, only 9.8% of Americans moved last year

Regulatory burdens increase the cost of housing by 24.3% for single family and 32.1% for multifamily housing 

3 L’s are rising: labor, land & lumber (and other building materials)

A third of Americans are cost burdened

"The nation has a serious shortage of housing...if you don’t build 1.5 million [homes] a year, then you are in trouble." - Kent Colton, Senior Fellow, Harvard Joint Center for Housing

 



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