We all feel it right? There are a few issues with the current American housing situation so I thought I’d share my two cents about the issues and offer possible solutions or ways to think about it.
What Housing Inventory?
There is definitely a housing shortage. Why? Two reasons, people are living longer and recent natural disasters. Just think of all the destruction from Hurricane Harvey in 2017 and recently Helene in North Carolina. It takes a long time to process all the insurance claims and replace all those homes. Those homes can be rebuilt IF there are enough building supplies and man power. Covid really affected our supply chains and workforce.
Who Can Afford Housing?
I remember when the homes were being purchased on our street by the resident’s parents and then eventually they’d buy it back from their parents. That is a cost saving tactic. What’s not a cost saving tactic? The way we bought Joey’s condo. We got lucky to have a second chance to purchase a condo in our old complex but we paid top dollar and sight unseen. But the availability in the housing market is so competitive. And these young kids can’t afford a place of their own once you factor in a car, gas and insurance for said car, and food. Food is one of those hot points for me, I attribute the cost of food to one of the main reasons my kids can’t afford a place of their own. There’s not enough money. And don’t forget about property taxes and home owners insurance. How are these kids supposed to afford home ownership? Good credit helps your kids too. I shared a little bit about how I helped our kids get credit. Side note: when buying a car or getting any type of loan make sure they are giving you the rate your credit score warrants.
House Design is Lacking
Jay Papasan said it best when he pointed out that house architecture is where you see change last. So how do you make your home work for you?
On Mother’s Day I woke up and started designing my dream home on a dream lot I have fantasized about for years. I sketched out the first floor, second floor, made sure the HVAC was properly placed and even made a separate set of stairs to allow Grayson to bring the garbage up for his mother! I shared all about this design in this episode and justified all my dreams. This house had 2 master bedrooms and downstairs was all Abby’s and her family’s separate condo. And the library I practically salivated over as I drew it out including a bay window from my desk area. Of course each level had its own AC and heating. I thought of all the needs of each family member and how to best accommodate them while taking advantage of the view from that lot. Unfortunately, due to the cost alone this will continue to be a dream.
And this is the reality many families face as the current state of the American Housing Market is ridiculous. I say “Permission granted to double down on the current home you love to iterate and make it work for the phase of life your family is in.” I remember in 2012, when I thought we’d outgrown our home due to the size of our teenage children. Turns out after decluttering the past 7 years, I couldn’t believe how much capacity our home had. And with our family changing and growing, we will keep iterating to accommodate everyone. It’s faster cheaper and easier than selling our home and purchasing a new one.
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