{"id":74360,"date":"2022-05-19T10:05:14","date_gmt":"2022-05-19T17:05:14","guid":{"rendered":"https:\/\/www.redfin.com\/news\/?p=74360"},"modified":"2022-05-19T10:05:14","modified_gmt":"2022-05-19T17:05:14","slug":"inflation-and-the-housing-market","status":"publish","type":"post","link":"https:\/\/www.redfin.com\/news\/inflation-and-the-housing-market\/","title":{"rendered":"The Housing Market Has Already Endured 10 Long Years of Inflation. These are the Hard-Learned Lessons We Should Apply Now to the Broader Economy."},"content":{"rendered":"

\"\"<\/span><\/p>\n

It all comes down to supply and demand.<\/span><\/i><\/p>\n

For the first time since the 1980s, Americans are dealing with <\/span>8%+ inflation<\/span><\/a> in consumer prices. American homebuyers, however, have been dealing with inflation since 2012. The typical <\/span>home costs double what it did in 2012, but the typical worker is only earning 35% more<\/span><\/a>. There are many lessons to be learned from a decade of home-price inflation as we attempt to solve today\u2019s widespread consumer-price inflation. Like everything in economics, it comes down to supply and demand.<\/span><\/p>\n

Home-price inflation is largely due to constrained supply. <\/span>According to Freddie Mac<\/span><\/a>, the United States is short approximately 4 million homes. We <\/span>built fewer homes in the 2010s<\/span><\/a> than any other decade going back to the 1960s. And we aren\u2019t making the best use of the land in some of the most desirable places to live due to restrictive zoning laws.\u00a0<\/span><\/p>\n

Because we don\u2019t have enough housing, the price of homes more or less reflects how much wealthy people are willing to pay. To put it simply: if there are 10,000 homes for sale in a city, but 30,000 families are looking to buy a home, only the wealthiest third of families are able to buy one. The other two-thirds lose when they try to compete because they don\u2019t have as many resources\u2014like cash or credit\u2014to win a home.\u00a0<\/span><\/p>\n

Because <\/span>wealth inequality is increasing<\/span><\/a>, the population\u2019s richest third is getting even richer. And it\u2019s becoming increasingly difficult for families in the bottom two-thirds to catch up. It\u2019s not enough to work a second job or cut back on other expenditures. The goal post keeps moving.<\/span><\/p>\n

The solution is to build more homes. If there are only 10,000 homes for every 30,000 homebuyers in a city, then we should build at least 20,000 more homes in that city. We can accomplish this through proper urban planning, including dense housing and efficient transit. Ideally we wouldn\u2019t only build for our needs today but also for the needs of the next generation of homebuyers.\u00a0<\/span><\/p>\n

Some homeowners will fight this. Many of them do not want dense housing in their neighborhood because a lack of housing increases their home\u2019s value. But this is misguided. Higher housing costs make everything more expensive in a city. When low- and middle-income families can\u2019t afford to live in a city, it becomes more difficult and more expensive to employ the workers that make a city livable, such as teachers, police officers, and childcare workers.\u00a0<\/span><\/p>\n

What does this have to do with the inflation we are seeing now? Like the housing market, the economy is supply constrained. It isn\u2019t living up to its full potential. The reason we are supply constrained is that\u2014just as we are behind the curve on building homes\u2014there are other segments of the economy where we\u2019re behind too. For example, if we were ahead of the curve on electrification and renewable energy, inflation in gas prices wouldn\u2019t be so painful. If we were ahead of the curve on planning and budgeting for a pandemic response, we wouldn\u2019t have needed to shutdown the economy for as long as we did. It\u2019s a big reason why we\u2019re feeling this inflationary pain from reopening the economy. We are also falling behind the curve on climate resilience. It will be more costly for the government to put out wildfires or repair flood damage than it would have been to invest in fire and flood prevention.\u00a0<\/span><\/p>\n

Not every economic supply constraint can be solved through better policy, and we don\u2019t always know what the better policy is. But housing supply, renewable energy, public health, and climate change resiliency strike me as\u00a0obvious, unforced errors.\u00a0<\/span><\/p>\n

There\u2019s not much to be done about present inflation that won\u2019t be painful. When <\/span>the Fed raises interest rates to slow inflation, it hurts borrowers<\/span><\/a>. Higher interest rates make it more expensive to borrow to buy a home, buy a car, or finance higher education. But we can plan and do the work today to reduce the pain of our next inflation catastrophe.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

It all comes down to supply and demand. For the first time since the 1980s, Americans are dealing with 8%+ inflation in consumer prices. American homebuyers, however, have been dealing with inflation since 2012. The typical home costs double what it did in 2012, but the typical worker is only earning 35% more. There are […]<\/p>\n","protected":false},"author":13160,"featured_media":74089,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"site-sidebar-layout":"default","site-content-layout":"default","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"default","adv-header-id-meta":"","stick-header-meta":"default","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[51],"tags":[19],"dashboard":[],"coauthors":[119],"class_list":["post-74360","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-policy","tag-politics"],"acf":[],"yoast_head":"\nInflation and the Housing Market<\/title>\n<meta name=\"description\" content=\"For the first time since the 1980s, Americans are dealing with 8%+ inflation in consumer prices. 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