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America’s housing affordability crisis and the decline of housing supply
Sun Belt cities such as Miami and Phoenix that once offered affordable housing are starting to resemble high-priced coastal markets like New York and Los Angeles, according to a paper to be discussed at the Brookings Papers on Economic Activity (BPEA) conference on March 28.
Until the 2000s, Sun Belt cities built housing at high rates and buyers were able to purchase homes at prices not greatly in excess of production costs (materials, labor, and land), according to the paper, “America’s Housing Affordability Crisis and the Decline of Housing Supply.”
But, starting around 2000 and especially during the 2010s construction rates in the Sun Belt fell toward levels long-experienced by supply-constrained coastal markets as well as by Midwestern metropolitan areas grappling with low housing demand as the result of deindustrialization, according to the paper. Consequently, Sun Belt affordability declined.
Until the 2000s, Sun Belt cities built housing at high rates and buyers were able to purchase homes at prices not greatly in excess of production costs (materials, labor, and land), according to the paper, “America’s Housing Affordability Crisis and the Decline of Housing Supply.”
But, starting around 2000 and especially during the 2010s construction rates in the Sun Belt fell toward levels long-experienced by supply-constrained coastal markets as well as by Midwestern metropolitan areas grappling with low housing demand as the result of deindustrialization, according to the paper. Consequently, Sun Belt affordability declined.
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