The intense competition in today's housing market means more people might have to settle for rental housing.

The "double-edged sword of a booming housing market" is affecting millions of Americans who want to buy homes, writes Rani Molla on Vox. "The sellers’ market is making those who already own homes even wealthier, while high prices push homeownership further out of reach for many Americans. In turn, the housing boom is creating a new population of home renters: people who in years past would have been able to afford a home but are now getting priced out."
Despite "astronomically high" prices, "houses are nonetheless being plucked off the market faster than ever." While the pandemic accelerated the trend, "it has its roots in a confluence of factors, from an aging millennial population to an influx of private equity," Molla writes. Yet home ownership remains out of reach for millions of Americans whose incomes stagnated or disappeared altogether. "Remember, in the pandemic, the US has also been in a recession while these housing prices have skyrocketed." While home prices rose by 17%, single-family rental costs only went up by around 4%—meaning a likely increase in renter households who miss out on the wealth-building power of property ownership. "It’s creating a greater divide between the haves and have-nots," says Lawrence Yun, chief economist for the National Association of Realtors. "Homeowners are getting sizable wealth gain. Renters are getting left out."
FULL STORY: The home sales boom means you might end up renting

Study: Maui’s Plan to Convert Vacation Rentals to Long-Term Housing Could Cause Nearly $1 Billion Economic Loss
The plan would reduce visitor accommodation by 25,% resulting in 1,900 jobs lost.

North Texas Transit Leaders Tout Benefits of TOD for Growing Region
At a summit focused on transit-oriented development, policymakers discussed how North Texas’ expanded light rail system can serve as a tool for economic growth.

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.

A Bronx Community Fights to Have its Voice Heard
After organizing and giving input for decades, the community around the Kingsbridge Armory might actually see it redeveloped — and they want to continue to have a say in how it goes.

Houston Mayor Promises Dedicated Austin Street Bike Lane After Public Backlash
Although the one-way bike lane won’t be protected by physical barriers, the proposal is an improvement over the mayor’s initial plan to only include sharrows on the Austin Street project.

How Atlanta Built 7,000 Housing Units in 3 Years
The city’s comprehensive, neighborhood-focused housing strategy focuses on identifying properties and land that can be repurposed for housing and encouraging development in underserved neighborhoods.
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