US in a housing crisis as inventory levels at 40-year lows

Posted on March 21, 2022 |

41% of renters in the country spend more than 30% of their income on rent and utilities.
The nation is trying to mitigate the crisis, the U.S. Department of Commerce has indicated it may lower the tariff on the imports of Canadian softwood lumber to 11.64%, but the Financial Post conveys a final decision won’t be made until November.
Washington passed new loan guarantees requiring small down payments and long repayment terms, and it legislated measures limiting non-residential construction which resulted in a building boom and a 20% increase in the percentage of Americans owning homes from 1940 to 1960.
Utah is witnessing a boom in apartment construction, going from an average of 1,100 new units a year between 2000 and 2010 to 6,672 new units receiving permits in 2021 which is not enough to keep up with demand fueled by a job market that reduced Salt Lake County’s unemployment rate to 1.7% as of December.

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