Youngest and Oldest Buyers Challenged by Housing Shortage
According to the U.S. Census Bureau, a decades-long decline in the construction of single-family homes is driving the current U.S. housing shortage. This shortage of single-family homes has also strained the supply of multifamily housing.
Census Bureau statistics show:
- 12.3 million households formed January 2012 to June 2021
- Only 7 million single-family homes were constructed during that time
The category of homes impacted most by the decline in new-home construction is entry-level, single-family homes. Among home buyers hardest hit by this lack of inventory are millennials eager to buy their first home and seniors looking to downsize from a large family home to a more affordable and manageable smaller home.
Modular Solutions for New Home Buyers
The buying boom has dampened opportunities for first-time homebuyers, especially among middle-income families looking to buy a home as a more affordable alternative to rising rents. Unfortunately, this competition for homes, along with the 10-year downward trend in new home construction, combine to create inflated prices for homebuyers.
Impact Housing provides a quality, proven solution for new home construction. Our modular construction process produces new homes in half the time or less, and with less waste, than traditional site-built homes. This translates to lower housing delivery costs and shorter construction timelines, producing homes that can be rented or sold at more attainable price points