Home building in the 2010s was a story of the Long Recovery. After the Great Recession, the number of home builders declined significantly, and housing production was unable to meet buyer demand. This deficit of housing in the United States continues to exist because of persistent supply-side headwinds for builders, creating a critical housing affordability…
How do homes built-for-rent differ from more common for-sale new single-family homes? This is an important question given recent attention on the built-for-rent sector of the residential construction industry. Second quarter data for 2019 reveal that approximately 42,000 homes were built-for-rent over the last year, representing about 5% of single-family construction. Though this figure continues…
In a prior recent post we discussed NAHB research showing how during the first year after closing on a home sale, home buyers tend to spend considerably more money on furnishings, appliances and remodeling compared to non-moving owners. Buyers of new homes spend most, outspending non-movers by a factor of 2.6. Buyers of existing homes…
New NAHB research shows that millennials tend to buy homes that are smaller, older, and less expensive than homes bought by older generations. Being the youngest home buyers with little or no accumulated wealth also affects how millennials shop and buy their homes. The majority of millennials are buying homes for the first time in…
A national survey of 271 jurisdictions conducted by Duncan Associates in 2012 reveals wide cross-country differences in impact fees that individual jurisdictions charge. The map below presents state averages for standardized single-family units (three-bedroom, 2,000 square-foot units, at density of 4 units per acre and value of $200,000). These averages are for communities that actually…
