When people talk about home “affordability” it boils down to one number: the asking price. But home “attainability” is a more complex equation. Attainability refers to a prospective buyer’s ability to find an entry-level home (no easy task these days), obtain a loan and pay for 30 years of ancillary costs like utilities, maintenance and insurance.
Here’s a shocking statistic that shows why home attainability is out of reach for millions: according to government figures, the median net salary of U.S. workers is $31,561. That means that after taxes, 50% of American workers take home less than that amount.
Some cities are now homebuyer magnets because they offer a real shot at attainability. In El Paso, for example, a worker can qualify for a new home loan with an annual gross salary of just $32,185. In Oklahoma City, a gross salary of $33,507 is all that’s required. There are many other cities across America that have ample attainable housing, including Roanoke, Va., Battle Creek, Mich., and Binghamton, N.Y.
Builders in these communities are providing plenty of starter homes, not just high-end models. In El Paso, half of all new homes cost less than $158,000. That makes the long-term costs of insuring and maintaining a home much easier to bear.
The bottom line: we can’t all live in Beverly Hills. Fortunately, there are still builders who understand that society benefits greatly when housing is attainable.
New to the LP® Structural Solutions portfolio, LP® NovaCore® Thermal Insulated Sheathing is a dual-layered wall panel design to protect structures against heat loss and gain. It combines resilient OSB sheathing with XPS foam to provide continuous insulation without the long-term R-value deterioration associated with other foam insulation products.Continue Reading
With an abundance of inspiration at their disposal, clients may have design goals that exceed their budget. We talked to building professional Kyle Stumpenhorst to get his tips for helping clients achieve their goals without breaking the bank.
With today’s hot housing market the last thing you want to do is stop, backtrack, and address a customer callback. In any economy, callbacks in construction cost money and time—time you may not have. Some builders are dramatically reducing customer callbacks by choosing building products that promote greater performance.
In recent years, the construction industry has seen an upward trend when it comes to spending on new construction with forecasts of 2.5 trillion U.S. dollars in 2025—but the increased numbers don’t necessarily point to industry growth. With labor and supply chain shortages continuing to increase, there has been a significant increase in the cost of such goods and services.