Who’s to Blame for the Housing Shortage?
Posted by Florida Realty Marketplace on
The most pressing problem facing the housing industry today is the tight inventory, and according to Realtor.com, millennials may be partly to blame.
As many young potential buyers move into cities and away from the suburbs, housing construction has been notoriously weak. Cities like New York, San Francisco, Boston, and Los Angeles have seen their suburban areas shrink.
According to Jed Kolko, Chief Economist at job-search site Indeed and senior fellow at the Terner Center for Housing Innovation at the University of California, the amount of young people living in the Washington D.C. urban area increased by 8.6 percent between 2000 and 2014 as the preferences of young people change.
The difference is younger generations are choosing better…
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