this post was submitted on 25 Sep 2023
334 points (99.7% liked)

United States | News & Politics

7193 readers
1056 users here now

founded 4 years ago
MODERATORS
pangyuehung@lemmy.ml
yogthos@lemmy.ml
334
Baby boomers are becoming homeless at a rate ‘not seen since the Great Depression’ (moneywise.com)
submitted 1 year ago by narwhal@lemmy.ml to c/usa@lemmy.ml
94 comments fedilink hide all child comments
you are viewing a single comment's thread
view the rest of the comments
[–] agent_flounder@lemmy.one 4 points 1 year ago

Is it demand or is it a question of builders wanting to maximize profits by building larger homes vs small starter homes?

https://realestate.usnews.com/real-estate/articles/what-is-a-starter-home

Data from the Census Bureau shows that 40% of homes constructed in 1980 were considered entry-level homes. In 2019, only 7% of homes were entry-level, according to a 2021 report from Freddie Mac, and almost every state is building fewer starter homes.

“Because of the cost of labor and supplies, builders are mainly focused on building more expensive homes, since it no longer makes sense for them to build more affordable homes,” Carlton says.