Housing costs and low inventory threaten affordability for millennials

"The combination of higher home prices, rising construction costs and moderately higher interest rates will exacerbate housing affordability conditions andin the coming months," Robert Dietz, National Association of Homebuilders chief economist told Insider.In addition to rising mortgage rates, there are not enough homes available to purchase as supply has fallen toThe housing market is 1 million homes short of what is needed to meet the nation's demand, according to the NAHB.

, tens of thousands of dollars have been added to the price of a new home, causing housing affordability to plummet to its lowest level in nearly a decade during the second quarter of 2021.CNBC that about 800,000 to 900,000 single-family homes need to be built for household formation growth, adding that another 200,000 to 300,000 are needed per year for the replacement of housing and second homes. With more homes on the market, costs could improve for first-time buyers as competition eases.

"Given that interest rates are expected to increase, housing affordability will be under additional pressure in 2022," Dietz told Insider."Such challenges are particularly frustrating for prospective first-time and first-generation homebuyers, who do not have access to existing home equity to help finance a home purchase."

If inventory remains stagnant and mortgage rates continue to rise, this could put even more pressure on home prices. In a housing market desperate for inventory and experiencing serious competition, housing affordability may soon be out of reach for the nation's millennials. Are you a millennial who is having a hard time finding an affordable home? Reach out to this reporter at alloyd@insider.com to share your story.Subscribe to push notifications

4500万千禧一代已经准备好买房了，但是时机太糟糕了

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