Taking Stock of Housing: Market mayhem

The high cost of housing in the Adirondacks creates a gap between wages and home ownership, making it difficult for middle-class workers to afford a home without government or philanthropic assistance. The housing crisis is exacerbated by factors such as scarce land, expensive building supplies, a lack of contractors, and the focus of the construction industry on vacation and luxury homes. Proposed solutions, such as zoning changes and hamlet expansion, are insufficient to address the issue. Denser development and financial assistance from government and nonprofits are necessary to alleviate the housing shortage.

adirondackexplorer.org

Relevant topic timeline:

9/2/2023

Million-dollar homes are the ‘middle class’ options for homebuyers in many cities

The share of million-dollar homes in the US is increasing, leaving homebuyers with limited affordable options and pushing essential workers out of communities they serve.

9/9/2023

Boomer Housing Needs Drive Today's Shortage As They Age Into More, Smaller Households

The aging population, particularly the baby boomer generation, is fueling the demand for housing, creating a shortage and making it more difficult for younger generations, like millennials, to buy homes.

9/19/2023

Housing Inventory Squeeze Continues - High Rates Limiting Buyers and Sellers

The U.S. housing market is facing a shortage of homes, which is driving up prices and making it difficult for buyers to find affordable options, and the problem may get worse as builders become less confident and hesitant to construct new homes due to high mortgage rates and construction costs.