The Housing Industry makes up 15-18% of the Gross Domestic Product (GDP), providing millions of dollars in local income and thousands of jobs! If housing is doing well, then typically the rest of the economy is doing well.
Unfortunately, the U.S. homeownership rate has fallen to its lowest point in more than 50 years. While there are a number of factors that have contributed to this, the fact that on average, government regulations account for 24.3% of the final price of a new single-family home has not made purchasing a home any easier.
Research shows that for every $1,000 increase in the price of a home, about 2,000 Twin Cities' families and 4,000 Minnesota families are priced out of the market. This means the 84% of Twin Cities residents that say owning a home is central to the American Dream can no longer afford that dream.
All of this and more is why the Housing First Network has launched a public awareness campaign as we approach the new year.
The message of housing affordability, smart regulations and protection of the American Dream of homeownership for all has been and will continue to be promoted amongst Minnesota's influencers and the general public.
Why is homeownership important to Minnesota?
The homebuilding industry pays well (average construction occupation is paid $60k annually), provides millions of dollars in local income that will be spent in communities, provides millions of dollars in taxes and other revenue for local governments, and provides a sense of community for families!