5.6 million vacant homes and counting: There is a massive housing crisis brewing in America

There may be a massive housing crisis boiling up in the United States mostly centered around the unavailability of homes in the largest metros of the country. Although alarms around this scenario have not yet been raised, there is no denying the fact that this shortage of homes in metropolitan regions clearly depicts the true nature of a housing crunch in the United States, which is a big problem for the federal administration to address in the coming months.

Is the US housing market in danger?

According to a latest report by top property site Realtor.com’s analyst Hannah Jones, the major reason for this Epic housing crisis in some of the metropolitan regions is ‘rental availability.’ This clearly means that the rental vacancy has increased in the last few years which has led to many homes in the nation’s largest metros sitting empty, even though some of them are at very reasonable prices.

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With the improvement of the rental landscape in the United States, it has somehow led to an increase in abandoned properties. However, even though rental vacancy has caused an availability of high-priced homes for purchase in various US regions, supply has still remained tight and has even reported historically low rates.

What is the current status of the US housing market bubble?

The seasonal demand for housing is also a major concern as some of the popular vacation destinations see a boost in housing demand during prime seasons and witness a depreciation during off times, which is a somewhat similar case across the world now. Current housing prices are driven by multiple nuanced factors that could be in play, including the likes of location, mortgage rates, property amenities, location characteristics and even duration of stay.Read More: Did the Fox News interview help Kamala Harris win over the swing voters in her favor?

There is a major need for an understanding of America’s current housing crisis as millions of properties in key US regions stay vacant, and the impact of it all falling on the housing affordability and availability quotient, throughout the country.

FAQs:

Is the United States facing a housing crisis?
Yes, according to a few reports, America is seriously facing a major housing crisis in the country across key metro regions. Are housing prices increasing in US?
Yes, housing prices have escalated in recent years, based on several market factors, including location, season, mortgage rates, and multiple other reasons.