There’s no doubt that affordable housing is a hot topic in many communities across the country. From city leaders and elected officials to nonprofit organizations and everyday citizens, everyone seems to be searching for ways to make housing more affordable. Chris Bruen, Senior Director of Research at NMHC, believes that the problem of housing affordability has become national and isn’t new at all. With the share of cost-burden households increasing, affordability has manifested into other metrics such as young adults living at home.
According to data from a joint survey conducted by NMHC and the National Association of Home Builders, 40.6% of multifamily development costs can be attributed to regulation. While some of it is necessary, the degree to which these regulations aren’t necessary just adds more to an existing issue. Construction costs have also been rising for a variety of reasons. The cost of labor has gone up as the economy has improved and more people are competing for jobs. These increases have led to higher construction costs, which are being passed on to consumers in the form of higher prices for homes and other buildings.
The issue of housing affordability is a complex problem with no easy solution, but it’s one that we need to start talking about more. To have a look at the data yourself, go to NHMC.org for more information on housing affordability. Tune in to find out more about the discussion around housing affordability.
On another note, OPTECH is just around the corner! Come join us at booth #741 to have a conversation regarding affordability and much more.
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