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Nationwide Housing Shortage
As generations grow older, new waves of people are entering the housing market. After graduating college and beginning their career, people in their 20’s begin to look for their first home. These new buyers make a major influence on the nationwide demand in the housing market. To keep housing rates at a healthy level, the amount of vacant houses need to meet the number of new market entrants. Today, concern has risen over our current housing shortage.
With 318.9 million people in the U.S., and 16,585,415 vacant homes in 2015, only 5.2% of this growing population will be able to find a home to move into this year. According to the U.S Census Bureau, 1,055,000 new homes were built in 2015, which is small in comparison to the number of buyers entering the market. First time buyers are typically between the ages of 20 to 29.
With 13.8% of the country’s population in this age group, there is a larger influx of new buyers than houses available.
Considering the rising student debt and housing prices, the housing shortage just adds to the ever growing challenge for first time buyers.
With baby boomer’s now seeing their millennial grandchildren in their twenties, we are experiencing ... more

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