The Housing Crisis That Threatens America’s Future
-Why government alone can't solve the housing crisis - and what kind of innovative solutions and unlikely partnerships across sectors might help.-
*DALLAS, TX / ACCESSWIRE / July 7, 2023 /* America is facing an unprecedented housing affordability crisis. According to Fox Business, "Housing affordability plummets to the lowest level since 2007 as prices jumpHome prices jump in 98% of US counties as affordability plummets." For many Americans, the ability to buy or even rent a home is slipping out of reach.
As Derek Thompson, columnist for The Atlantic writes, "In 15 years, we've had a historic housing crash, a historic housing crunch, a historic pandemic-fueled buying spree, and a historic mortgage-rate spiral." The impacts of these events are compounding in ways that exacerbate inequality and threaten the financial stability of younger generations. Without intervention, the crisis may fundamentally reshape who gets to achieve the long-held American dream of home ownership.
While government programs aim to help, demand vastly outstrips supply. The scale of need requires innovative solutions and unlikely partnerships between private, public, and nonprofit sectors. Some leaders are stepping up to bridge the gap, developing profitable models to fund affordable housing and open doors for those otherwise locked out.
With a shortfall of up to 6.8 million affordable housing units nationwide, the crisis weighs heavily on lower-income households and young buyers entering the market. Rents have skyrocketed by over 25% in many cities, and according to real estate analytics firm ATTOM. the median price of a single-family house rose to $350,000. For minimum-wage workers, that home is radically out of reach at over $100,000 above what they can afford.
Younger generations struggle with massive student debt, job insecurity, and the economic impacts of the pandemic. Their paths forward are closing rapidly due to an unhealthy, unbalanced housing market and a wider economy increasingly rigged against them. Annie Lowrey, a columnist for The Atlantic, writes, "The U.S. needs more housing than almost anyone can imagine"
While government programs aim to make housing affordable for vulnerable groups, demand overwhelms supply. The scale of need requires private-public partnerships and social entrepreneurship to fund sustainable solutions. Some leaders are rising to the occasion, developing profitable models to build affordable housing and open doors for hardworking people otherwise locked out of opportunity.
One such leader, Gary Bellomy a real estate professional, has developed a program for real estate investors to fund and profit from housing developments for low-income buyers. Unlike traditional government programs, Gary's program offers a substantial profit for investors and an opportunity to make a difference in the housing crisis while offering solutions for buyers who would not typically qualify for a mortgage.
Also stepping up to solve the housing affordability crisis is JP Morgan Chase, who, according to Nasdaq, has announced new business and philanthropic commitments to help close the housing affordability gap.
Bellomy and JP Morgan Chase could attest that there are no simple fixes, but we can choose to break the cycle that keeps opportunity out of reach and invest in stability for those caught within it. Affordable housing is where reimagining access to transformative life experiences begins. It is where inequality can finally end. Most of all, it is where hope takes root and spreads.
By rising to meet this crisis in a united fashion, we can chart a future defined not by scarcity and fear but by abundance and vision. A lot where home and opportunity go hand in hand as the birthright of every American. The dream our nation was built to fulfill.
*ABOUT*
Gary Bellomy, operating In A Perfect World introduces skilled investors to alternative and established methods that can generate great returns while eliminating housing inequity. Bellomy is a real estate professional who has dedicated his career to making home ownership equitable and believes everyone should be able to become a responsible homeowner. To learn more, visit the website In A Perfect World. Additional information can be found on Facebook and LinkedIn.
*CONTACT:*
Gary Bellomy
214.274.5762
garybellomy@judgefite.com
*SOURCE: *In A Perfect World
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