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Housing Affordability Explained in One Graph
Article by NAHB
Applying conventional underwriting standards that the cost of a mortgage, property taxes and property insurance should not exceed 28% of household income, NAHB economists have calculated how many households have enough income to afford a home at various price thresholds. The housing affordability pyramid reveals that 63 million households out of a total of 120 million are unable to afford a $250,000 home. The affordability problem is explained in NAHB’s new priced-out estimates for 2020.
Costs Up in Recent Builder Survey
Article by NAHB
The cost of constructing a typical single-family home has gone up, but builder profits have fallen slightly, according to a recent survey of home builders. On average, 61.1% of the sales price, goes to construction costs. Add to that finished lot costs (18.5%), overhead (4.9%), sales commissions (3.7%), financing (1.7%), and marketing (1%), and the average builder profit is 9.1%, before taxes. In separate studies, NAHB economists have found that 24.3% of the cost of a typical, new single-family home comes from regulatory compliance.
Codes Vote Could Affect Affordability
Article by NAHB
Preliminary results indicate that a number of aggressive energy efficiency proposals were approved during the online vote on the 2021 cycle of the International Codes Council (ICC). These proposals, known as "zombie proposals," had been defeated at ICC Committee Action Hearings and during the Public Comment Hearings and therefore required a two-thirds vote to pass. No previous proposal had ever met the threshold. But during the ICC's Online Governmental Consensus Vote, held late last year, 20 aggressive International Energy Conservation Codes passed that hurdle.
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BUILD-PAC Focused on Election Success
Article by NAHB
As the 2020 BUILD-PAC chairman, Justin MacDonald has his eyes on the November prize of electing more pro-housing candidates. He knows the best way to get there is to increase the number of members involved in BUILD-PAC, NAHB’s political action committee. With the 2020 elections approaching, MacDonald wants a continued push for pro-housing legislation, including efforts to reduce excessive regulations that stifle growth.
