In part one of our low inventory series, we touched on how seniors are affecting the housing market by choosing to stay in single-family homes rather than downsizing into apartments or multifamily homes.
Here, we’ll go more in depth about where housing is most needed and other issues that are causing a low inventory of housing in the United States.
Where is housing needed the most?
The housing supply is limited the most in metropolitan areas, but metro areas are also some of the most expensive places to live in the United States. It’s for this reason that many seniors are choosing to stay in their homes rather than downsize.
Because rent is so high in metro areas, seniors who would choose to downsize would be unable to afford to live in an apartment for very long. Additionally, even if seniors did choose to downsize in metro areas, there wouldn’t be a large enough number to reduce the housing inventory problem.
What else is causing issues with housing inventory?
For seniors to downsize to smaller houses, they would need smaller houses to downsize to. That said, the housing shortage itself is causing an even greater housing problem.
Fortunately, new construction homes are an alternative to waiting for an older home to become available. For both new homebuyers and seniors alike, newly built homes give you the ability to bypass the low inventory problem in the U.S. and the competition that goes hand-in-hand with it so you can find the home of your dreams without the stress.
Interested in new construction homes in Dallas?
Approximately 1,257,000 new homes were constructed in April 2018, according to the U.S. Census Bureau and the Department of Housing and Urban Development.
While older homes may be the choice for some new homebuyers, new construction homes in Dallas don’t have any of the issues that come with older houses.
What’s more, new construction homes in Texas aren’t as difficult to compete for compared to the low inventory of older homes.
Camden Homes provides newly built homes in Dallas, Fort Worth, and Houston so you can purchase a home of your dreams without the stress. To learn more about our new construction homes or to take a look at our model homes, contact Camden Homes today.