New U.S. Residential Home Growth Limited to Wealthy Exurbs in 2019

WORLD PROPERTY JOURNAL | May 29, 2019

New U.S. Residential Home Growth Limited to Wealthy Exurbs in 2019
According to the new National Association of Home Builders newly released Q1, 2019 Home Building Geography Index (HBGI), in a sign that U.S. housing affordability is becoming a growing issue nationwide, 'exurbs' (a region or settlement that typically lies outside a city and usually beyond its suburbs and that often is inhabited chiefly by well-to-do families) were the only regions that registered single-family permit growth on a year-over-year basis. The HBGI is a quarterly measurement of building conditions across the country and uses county-level information about single- and multifamily permits to gauge housing construction growth in various urban and rural regions. "The HBGI is another indicator finding that housing affordability is a root cause of soft single-family permit issuance nationwide," said NAHB Chairman Greg Ugalde. "A shortage of buildable and affordable lots is forcing builders to increasingly look further outside of suburban and metropolitan areas to find cheaper land that provides more building opportunities."

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