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Housing Supply Not Keeping Up with Population Increase

Housing Supply Not Keeping Up with Population Increase | Keeping Current Matters

Many buyers are wondering where to find houses for sale in today’s market. It’s a true dilemma. We see an increase in buyer demand, but the supply available for purchase isn’t keeping up.

The number of new housing permits issued prior to the great recession increased for 15 years until 2005 (from 1.12 million in 1990 to a pre-recession peak of 2.16 million in 2005). According to Apartment List,

From 1990 to 2005, the number of single-family permits issued more than doubled, while the number of multi-family permits grew by 49 percent.

When the housing market crashed, the number of new homes permitted decreased to its lowest level in 2009 (see below):Housing Supply Not Keeping Up with Population Increase | Keeping Current MattersSince then, supply and demand have been out of balance when it comes to new construction. According to the same report,

Construction of single-family homes has recovered much more slowly — the number of single-family housing units permitted in 2018 was barely half the number permitted in 2005.”

Why is new construction so important?

As the U.S. population increases, there is also an increase in the need for new homes. Today, new construction is not keeping up with the increase in the nation’s population. The report continues:

“The total number of residential housing units permitted in 2018 was roughly the same as the number permitted in 1994, when the country’s population was 20 percent less than it is today.”

Essentially, the dip in home building coupled with the steadily increasing U.S. population means there is now a selling opportunity for homeowners willing to list their current houses.

Bottom Line

If you’re considering selling your house to move up, now is a great time to get a positive return on your investment in a market with high demand. Contact a local real estate professional who can walk you through the specific options available for you and your family.

The post Housing Supply Not Keeping Up with Population Increase appeared first on Keeping Current Matters.

A Great Way to Increase Your Family’s Net Worth

A Great Way to Increase Your Family’s Net Worth | Keeping Current Matters

Every three years, the Federal Reserve conducts its Survey of Consumer Finances. Data is collected across all economic and social groups. The latest survey data covers 2013-2016.

The study revealed that the median net worth of a homeowner is $231,400 – a 15% increase since 2013. At the same time, the median net worth of renters decreased by 5% ($5,200 today compared to $5,500 in 2013).

These numbers reveal that the net worth of a homeowner is over 44 times greater than that of a renter.

Owning a home is a great way to build family wealth.

As we’ve said before, simply put, homeownership is a form of ‘forced savings.’ Every time you pay your mortgage, you are contributing to your net worth by increasing the equity in your home.

That is why Gallup reported Americans picked real estate as the best long-term investment for the sixth year in a row. According to this year’s results, 35% of Americans chose real estate. Stocks followed at 27%, then savings accounts and gold.

Bottom Line

If you want to find out how you can use your monthly housing cost to increase your family’s wealth, meet with a real estate professional in your area who can guide you through the process.

The post A Great Way to Increase Your Family’s Net Worth appeared first on Keeping Current Matters.



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Mary Chedsey
Broker/Owner
THE REAL ESTATE STUDIO

9193 E. Stanford Ave
Greenwood Village, CO 80111
Phone: 303-877-7211
mary@placesyoucallhome.com

Mary Chedsey
The Real Estate Studio
(303) 877-7211
9193 E. Stanford Ave
Greenwood Village, CO 80111
Mary@PlacesYouCallHome.com
Agent ID #239431

Copyright © 2015. Mary Chedsey, All Rights Reserved

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