08/21/2021
As jobs come back across the U.S., people who were renting may find themselves able to take out home loans, adding more buyers to an already competitive market. Some experts have predicted the housing shortage will continue for years before self-correcting.
While building slowed during the pandemic, construction costs—both labor and materials—soared. Many of the price rises were a result of worker shortages and disruptions in supply chains for commodities and raw materials. The price of lumber, as one example, rose by more than a third. Costs continue to be high, compounded by a shortage of skilled labor.