Americans are binging on big houses, and it’s locking millennials out of the housing market

americans are binging on big houses and its locking millennials out of the housing market

Sumary of Americans are binging on big houses, and it’s locking millennials out of the housing market:

  • Millennials make up the lion’s share of homebuyers, but there aren’t enough starter homes for them.
  • Data from Freddie Mac shows the number of entry-level homes has dwindled over time.
  • Not only are starter homes at a 50-year low, but the size of the typical American house getting built is bigger than prior decades, which suggests starter homes aren’t just low because of supply and demand.
  • TOP VIDEOS FOR YOU “Due to supply-side challenges, including higher regulatory costs and limited lot availability, it has been relatively more difficult to build entry-level homes over the last decade,” Robert Dietz, chief economist for the National Association of Home Builders, told Insider in an email.
  • “In fact, due to these factors, new home size increased between 2010 and 2014. For entry-level buyers, these factors have made homebuying more difficult by limiting available inventory.
  • ” According to Freddie Mac data as reported on by the Wall Street Journal, there are fewer entry-level homes – homes of 1,400 square feet or less – than in decades.
  • Per Freddie Mac’s analysis of Census data, the average number of entry-level homes built per year has declined from 418,000 in the late 1970s to 55,000 in the 2010s.
  • ” “We’ve got a record number of entry-level, demand buyers: the millennials coming into the market,” Sam Khater, Freddie Mac’s chief economist, told the Wall Street Journal.

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