"There Are Now 30 Renters for Every Home for Sale in the U.S."
Posted by Grossman & Jones Group on
Realtor.com reports, "the number of homes for sale for each renter household in the U.S. remains near record lows, highlighting the supply crunch that first-time buyers face in the current housing market.
Currently, there are about 30 renter households for each available home for sale, up from less than 10 in 2006, according to Freddie Mac’s latest market outlook report.
The supply shortage dates back to the Great Recession, which dealt a major blow to new home construction. Since then, construction has slowly increased, but failed to keep pace with demand, resulting in a shortage of at least 1.5 million homes.
“Therefore, not only do people seeking to buy their first home have to navigate an expensive market, but they also have to compete…
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