Press release from Lattice Publishing:
A new report by Construction Coverage looks at the U.S. locations investing the most in affordable housing. After a tumultuous rise in home prices during the COVID-19 pandemic, today’s housing market has finally started showing signs of cooling off—but becoming a homeowner remains largely out of reach for many Americans.
Home prices are still roughly 33% more expensive than they were pre-pandemic, and a reduction in residential construction spending over the last few months is poised to make housing inventory even more limited. Some states and cities are able to do more with less, however, constructing more affordable housing units compared to others. Researchers ranked metros by the average construction value per new housing unit authorized in 2022.
The analysis found that the average construction value in the Asheville metro area last year was $319,577 per new housing unit authorized. Nationally, that figure was $226,657. Overall, the average construction value per new housing unit authorized in the Asheville metropolitan area was 4th highest among all midsize U.S. metros.
Below you’ll find a summary of the analysis with data for the Asheville, NC metro area—please feel free to republish or use the findings in your own write-up. If you choose to use the analysis, please link to the original report, which includes a table with data on more than 350 metros and all 50 states: https://constructioncoverage.com/research/cities-investing-in-more-affordable-housing-2023
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