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Affordable Housing not Keeping up with Demand

March 31st, 2015

home planning     theatlanticcities  creditMHProNews has learned from nationalmortgagenews a recent report by Zillow states that population growth has outpaced the growth of housing in many areas across the country, especially affordable housing. The cities that are in step have either experienced low population growth or have maintained a steady growth of new housing.

Zillow’s national rent index rose 3.4 percent to $1,355 from Feb. 2014 to this Feb., while the Zillow Home Value Index increased 4.9 percent year-over-year to $178,700.

As an example, in San Francisco residents pay 44 percent of their income on rentals, and 39.2 percent for a monthly mortgage payment. The numbers across the country are somewhat better, especially for homebuyers: Renters spend 30.1 percent of monthly income on housing, while homeowners pay 15.3 percent.

As the economy improves, more Americans are expected to move from shared homes into their own, first as renters and then as homeowners. However, the shortage of affordable housing could feed into more demand for manufactured homes (MH), especially if the Preserving Access to Manufactured Housing Act measures becomes law, easing the path to financing MH. ##

(Image credit: theatlanticcities–home planning)

matthew-silver-daily-business-news-mhpronews-com   Article submitted by Matthew J. Silver to Daily Business News-MHProNews.

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