New report shows average households are spending a third of income on rent while lower income families pay more than half their earnings
The researchers found that changing lifestyle choices, coupled with construction delays, labor shortages and increasing material costs slowed down supply.
“The pandemic showed us just how quickly demand for housing can change, with a shift to homebuyers wanting to escape metropolitan areas; to larger homes and more private space; and to work from home in lifestyle locations,” he said. “This will have serious implications for housing markets over the next couple of years, contributing to a housing supply shortage. The lack of new supply and strong population growth means upward pressure on both prices and rents – not good news for potential purchasers or anyone in the rental market.”
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