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Homebuilders Aren't Keeping Pace With Millennial Demand
"Homebuilders aren’t building enough for millennials," according to an article by Diana Olick.
Millennials are expected to be the "largest single cohort of homebuyers" by next, but the nation’s homebuilders are not building enough housing to keep up with demand in millennial-dense counties, according to data from the National Association of Home Builders’ Home Building Geography Index and shared here by Olick.
"Millennial counties are of course in big markets like Seattle, Boston, Portland, Oregon, and Washington, D.C., but also in rural parts of Ohio, Kansas and Missouri. Homebuilding is still nowhere near its historical levels, nevermind today’s very strong demand."
Higher costs for land and labor, as well as regulatory compliance, are blamed for the sluggish performance of the homebuilding industries.