According to this report, the trends point to a "less diverse, older, higher-income" crop of homebuyers as low production locks out the young and many people of color.
Research conducted by U.C. Berkeley's Terner Center for Housing Innovation "concludes that, increasingly, homebuying is becoming a privilege within the purview of only a few wealthy classes of Americans," Adam Brinklow writes.
Although that trend is most pronounced in the Bay Area and other coastal urban markets, "home prices are up more than 25 percent nationwide after inflation compared to 2000, with housing significantly less affordable in almost every major metro area."
Notably, the housing crisis is taking its toll on young and black homebuyers. "The rate of new homebuyers who are black declined from 8.5 percent in 2000 to 6.6 percent 16 years later. And the number of homebuyers under 35 crashed from 36 percent to 31.6 percent."
The report suggests that changes to the supply side of the housing equation could do much to boost ownership among younger and lower-income buyers.
FULL STORY: Young and black communities can’t afford homes because cities won’t build enough
Report: Just 7 Percent of Homes for Sale Affordable to Black Households
The affordability crisis continues to impact American households across the board, with 16 percent of listings affordable to the average household.
Housing Affordability Crisis Spreading to More Cities
Cities like Spokane, Washington courted new residents and businesses during the pandemic. Now, they're starting to wonder if it was worth it.
Homeownership an Uphill Battle for Black New Yorkers
Black home buyers face an array of challenges when trying to buy homes, leading to a widening gap between Black and white homeowners.
Manufactured Crisis: Losing the Nation’s Largest Source of Unsubsidized Affordable Housing
Manufactured housing communities have long been an affordable housing option for millions of people living in the U.S., but that affordability is disappearing rapidly. How did we get here?
Americans May Be Stuck — But Why?
Americans are moving a lot less than they once did, and that is a problem. While Yoni Applebaum, in his highly-publicized article Stuck, gets the reasons badly wrong, it's still important to ask: why are we moving so much less than before?
Using Old Oil and Gas Wells for Green Energy Storage
Penn State researchers have found that repurposing abandoned oil and gas wells for geothermal-assisted compressed-air energy storage can boost efficiency, reduce environmental risks, and support clean energy and job transitions.
Updating LA’s Tree Rules Could Bring More Shade to Underserved Neighborhoods
A new USC study finds that relaxing Los Angeles’ outdated tree planting guidelines could significantly expand urban tree canopy and reduce shade disparities in lower-income neighborhoods, though infrastructure investments are also needed.
California's Canal Solar Projects Aim to Conserve Resources and Expand Clean Energy
California’s Project Nexus has begun generating electricity from solar panels installed over irrigation canals, with researchers and state agencies exploring statewide expansion to conserve water and boost clean energy production.
HHS Staff Cuts Gut Energy Assistance Program
The full staff of a federal program that distributes heating and cooling assistance for low-income families was laid off, jeopardizing the program’s operations.
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