DECEMBER 27, 2023 – As I posted last February, on a percentage basis, population growth is 75% lower than it was in the 1980’s (Baby Boomers). Last week, I saw a stat showing the demand for houses by Millennials in the prime age group of 25 to 44 years old is over 80% lower than when Baby Boomers were at the same age.
Combine this with the fact that spec activity on the part of homebuilders is 1/3 higher than before 2020 and has only been exceeded by the years 2005 thru 2008!!!!
Please explain to me how we have a housing shortage when we have almost no demand for new houses and an insane number of new houses being built at the same time. Not to mention the 10 million or so vacant houses we have in the country.
You have to hand it to NAR and NAHB on perpetuating the false rhetoric that we need more housing. Need more affordable housing. And so on. I guess we can adapt that old joke to NAR and NAHB as to when you know they are lying…
Here’s to a great 2024 for everyone!
The Mann