Supply remains low, signaling little relief for renters and potential homebuyers.
U.S. home prices are projected to rise by 2.8 percent by the end of 2024, according to CoreLogic, signaling that the housing crisis will likely continue throughout the year.
As Casey Quinlan explains in Florida Phoenix, “Much of the current predicament renters and homebuyers face is linked to high housing demand, low housing inventory and the Fed’s cycle of hiking interest rates.”
In other words, renters and homebuyers shouldn’t expect relief anytime soon. “A lack of housing stock, both in for sale and overall inventory, is a key long-run problem for housing affordability, said Robert Dietz, chief economist for the National Association of Home Builders. A lack of accessible rental inventory that provides both single family and multi-family rental housing is a problem, he said.”
A shortage of workers is also slowing down housing production. “A 2023 Home Builders Institute report found that construction would need to add hundreds of thousands of workers to meet residential construction demand.”
FULL STORY: When will housing affordability improve? Spoiler alert: It will take some time
DC Residents Want Affordability Over ‘Character’
A poll finds that most residents want to see changes in zoning and land use laws that unlock more housing construction in the District and improve affordability.
Rents Rose Between December and January
After dropping to a three-year low, U.S. rent costs grew in many major cities.
National Survey Shows ‘Severe, Widespread, and Worsening’ Housing Crisis
Mayors from around the country agree that more support is needed at the federal level to strengthen housing assistance programs.
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.
Minneapolis Bans Rent-Setting Software
Four cities have enacted restrictions on algorithmic software that can inflate rent costs.
Oakland to Add 244 New EV Chargers
Oakland plans to launch its new charging network at eight locations by the end of 2025.
Jane Goodall Inspires with Message of Hope, Resilience, and Environmental Action
Speaking in Pasadena, Jane Goodall offered a hopeful and inspirational message, urging global compassion, environmental responsibility, and the power of individual action to shape a better future.
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