In the US, the housing affordability crisis has been steadily worsening for years. One of the main culprits responsible for the current housing crisis is the persistent inventory shortage. On one hand, builders are unable to keep up with the demand for new homes; on the other hand, there isn’t enough land to build on, especially near densely populated metro areas. The housing supply shortage is also caused by population growth and by the people who are no longer downsizing or upsizing, which limits the circulation of homes on the market.
Manufactured Housing News
The United States is currently facing a persistent shortage of affordable housing, which has spread from densely packed cities to many metropolitan areas across the country. Despite the recent improvements in housing output, the housing affordability crisis continues to deepen, driving up home prices and rental rates faster than wages. According to NLIHC, most renters spend 30% or more of their income on rent. This basically means that many Americans aren’t able to comfortably pay rent or buy a home, and still have enough money to cover all of their monthly expenses.
Thursday, 2 April 2020
Tags: affordable housing
Currently, the United States is facing an affordable housing shortage of approximately 7 million units. Under the circumstances, the fact that the H.R. 4351, also known as the “Yes in My Backyard” (YIMBY) Act, has recently passed the House comes as no surprise. To understand the legislative consequences of this bill and what it means for lower-income families, let’s analyze the proposed amendments that will come into effect if the bill is signed into law.