Much about today’s affordability crisis simply doesn’t add up. While America is experiencing an infrastructure boom, the fact remains many people – who want to buy homes – cannot, due to budget constraints. Short of government subsidies or major policy changes to address wages and inflation, it falls upon industry to create affordable housing stock that can accommodate today’s working families. With American families getting smaller (and building technology improving) there are many new avenues for manufacturers to consider in creating housing options that are affordable. And profitable.
This paper will discuss some of the data behind the home affordability crisis, including year-to-year demographics, income and economic factors, rising construction costs as well as other contributing factors. We’ll explore promising solutions, such as shared household models, public-private partnerships and innovative finance programs for first-time homebuyers.
In addition, we will look at ways building product manufacturers are innovating and partnering with local and state governments in order to get more people into affordable housing.