Time remain tough for first-time home buyers. The shortage in new construction dates back to 2007-8. And, while construction has increased somewhat since then, it’s estimated that there’s currently a shortage of 1.5 million homes.
And then there’s the matter of affordability. Analysts say that prices for starter homes grew 63% more than high-end home prices during the last 24 years.
The upshot is that renting currently remains a more viable option in many markets.