How can we fix the housing shortage?
Today’s HousingWire Daily features a crossover episode with RealTrending. In this episode, Tracey Velt, editorial director at RealTrends, an HW Media company, interviews CoreLogic’s Executive of Public Policy and Industry Relations, Pete Carroll. During the episode, Carroll discusses the housing shortage, touching on the types of buyers who are most affected and possible solutions.
He also discusses some of the other current issues in the real estate industry.
Tracey Velt: You’re doing a YouTube series on the U.S. housing shortage crisis and economic mobility. And in one video, you really talk about who is most impacted, and that’s the economically disadvantaged. So talk to me about this group of people, or who is most impacted by this, and the impact that they’re feeling.
Pete Carroll: When we refer to economically disadvantaged, we’re looking at that Freddie Mac number of 4.35 million under-supply, which applies to all housing, whether it’s ownership, rental, single family, or multifamily. Freddie Mac is of the view that there’s a significant portion in that 4.35 million that are single family, entry level, starter homes; which is, really, the American dream of home ownership.
We wanted to dig into the housing shortage numbers a little bit, and we did. And what we found is that when we try to break down what’s in that gap and that undersupply. The economically disadvantaged are those who earn 50% or less of area median income; so 50% or less than what their neighbors earn, in their neighborhood. And that is going to be, certainly economically disadvantaged neighborhoods, tends to be multi-family rental housing, poor communities, where there’s not as much opportunity for economic mobility.
HousingWire Daily examines the most compelling articles reported across HW Media. Each afternoon, we provide our listeners with a deeper look into the stories coming across our newsrooms that are helping Move Markets Forward. Hosted by the HW team and produced by Alcynna Lloyd and Elissa Branch. If you have a pitch or an inquiry relating to podcasts, you can reach our team at [email protected]