Would-be home buyers may be forced to rent the American dream (rather than buy it)
Source: 60 Minutes
Here is the key aspect of the supply problem:
“We are not building enough housing for everybody who needs a place to live. We built fewer homes in the 2010s than in any decade going back to the 1960s, and at the same time millennials are the biggest generation and they’re entering into home-buying age. Millennials aren’t living in their parents’ basement any more or shacking up with roommates, they want a place of their own, and we didn’t build any housing for them in the last decade because we are still so traumatized by the last housing crisis. We didn’t put any investment into housing.”
-Daryl Fairweather, chief economist, Redfin
Previously:
Can We Untie Real Estate and Employment? (March 21, 2022)
How Much Have Americans Increased their Homes’ Values? (August 20, 2021)
How Everybody Miscalculated Housing Demand (July 29, 2021)
