New Zillow research shows that a growing majority of U.S. adults support add more housing to their neighborhoods in response to the housing affordability crisis.
This survey was the largest ever conducted by Zillow.with more than 14,000 respondents in 29 metropolitan areas across the country.
“Record low inventory, brought on by a lost decade of home construction that caused a shortfall of 1.35 million new homes, fierce competition fueled by record low interest rates and now inflation, has made it difficult for people across the country to buy or rent a home”, says the real estate report.
According to Zillow, monthly mortgage costs have nearly doubled during the pandemic, making homeownership much more expensive for potential buyers: “This housing crisis extends to renters as well, with a typical rental price across the country that reaches more than $2,000 a month, 25% more than they would have expected to pay in the months before the pandemic”.
Zillow’s analysis has found increased public support for higher density as a way to improve affordability. Support is strongest for new accessory dwelling units (ADUs), duplexes, or triplexes in residential neighborhoods. Small, medium and large apartment buildings received the support of the majority if they are built near transit and recreation services.
“More and more people understand that the key to stopping runaway housing costs is to build more homessaid Manny Garcia, Zillow’s senior population scientist. “There is majority support among renters and homeowners, the highest and lowest earners, suburban and urban households, who say we need more housing and support it in their neighborhoods.”
According to the survey, about two-thirds of those surveyed are concerned about the cost of housing in their neighborhood. A large majority, 70% of all respondents believe adding duplexes and triplexes would help address this concern by improving housing affordability.
About 75% of respondents support building even larger types of housingsuch as small to medium-sized apartment buildings, to help create more affordable housing options if built near frequent traffic, parks, and recreation.
A large majority of respondents in these markets believe that local governments should do more to address housing affordability.
For more details on the Zillow survey, go here.
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