Housing experts watched the market as it saw rapid growth during the COVID pandemic, and some worried that as the Federal Reserve fought inflation, the housing market could lead to a full economic crash. As the market stabilized, most experts recognize that prices and supply and demand are simply returning to normal. However, there’s another group of buyers that are taking over – millennials and older Gen Zs. As this younger generation hits their peak home-buying potential, affordability is being pushed to the front. According to Green Builder Media, today’s buyers are demanding homes that are net zero, electric, healthy, resilient, connected, solar powered and cost-effective.
While demand is at a record high, the supply of homes that meet the needs of today’s homebuyers is falling woefully short. Not only are home prices out of control, but housing products that may have been acceptable to Boomers or Xers seem downright medieval to younger generations.
So, how do we shift from inefficient, unhealthy, dumb legacy homes to ones that meet the moment, especially in the face of runaway mortgage and rental costs?
Federal funding.
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