Affordable housing may be complicated, but its causes aren’t rocket science.
Most folks only think about the law of supply and demand during Econ 101 or while hunting for tickets to a sold out show. But we’re also at its mercy any time we try to buy or rent a home, and it hasn’t been making things easy for us lately.
According to a new report from CBRE, national household growth outpaced housing production by 160,000 units on average per year since 2010. That means more people are competing over fewer homes, which drives up prices for everyone, and especially impacts low-income families.
How big is this gap? Just to “catch up” to demand would require building 1.44 million new homes across the country—more than currently exist in both the Richmond and Hampton Roads regions.
Read more highlights from the report by visiting the link above, including some surprisingly optimistic news about the gap between wages and housing costs.
****Image from CBRE Research
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