Rental home construction climbs as purchase prices surge
There haven't been so many single-family homes under construction in the U.S. since 2007, yet many of these new houses won't be for sale. Investors are building tens of thousands of houses expressly to rent in a bet that Americans will keep flocking to spacious suburban living even if they can't afford to buy homes. The Covid-19 pandemic sparked a race for space among Americans, and home prices have surged to records. The gains have outpaced wage growth, straining affordability despite historically low borrowing costs. Homeownership is unaffordable for average wage earners in 55% of U.S. coun...
Source: foxbusiness.com