OPERATIONS
AFFORDABLE HOUSING
Why Being an Affordability Advocate Matters BEING AN ADVOCATE IS GOOD FOR CLIENTS AND ALSO FOR THE LONG-TERM SUCCESS OF OUR BUSINESS.
By Jeff Roth
ousing affordability is concerning for most people,
in March 2023, which priced out 2.4 million more renters than the previous year. 2 The housing cost burden increased for both homeowners and renters due to higher property taxes and higher rents. In total, 31.8% of homeowners and renters were cost burdened, as they spent more than 30% of income on housing. 3 The supply of single-family homes was 30% lower than in 2019 with shortages most severe for lower-priced homes by the end of 2022. Redfin also recently reported in August 2023 that real estate investors are buying 45% fewer homes
interest rates, economic uncertainty, and higher prices.
H
affecting most places in the country. Even in the relatively affordable Midwest, housing affordability is a growing problem. BY THE NUMBERS The 2023 State of the Nation’s Housing report from Harvard University’s Joint Center for Housing Studies reveals several startling statistics related to affordability, shortages in available housing, and barriers to first-time homebuyers. Here is a summary: 1 Estimated housing payments,
ROLE OF REAL ESTATE PROFESSIONALS AND INVESTORS
What is the role of individual real estate professionals and investors as affordability advocates? Real estate professionals and investors need to take a leadership role in helping homebuyers, sellers, and renters create and find affordable, quality housing. It does us no good if people cannot afford to purchase and rent the housing we provide. We have a greater sophistication about the options available and a responsibility to act as teachers and advocates for affordability in housing.
including insurance and property tax, to purchase a median-priced home reached $3,000 per month
than a year ago because of the same factors: elevated
60 | think realty magazine :: november – december 2023
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