Journal Article

Boosting the Supply of Rural Rental Housing

Abstract: The housing market has emerged as one of the sectors of the economy where post-pandemic price pressures are most visible. The combination of a long-running slump in new construction following the Great Recession and the huge shocks to supply and demand stemming from the COVID-19 lockdowns have contributed to growing housing affordability challenges across the country. In the span of just two years, from June 2020 to June 2022, the S&P/ Case-Shiller U.S. National Home Price Index increased by nearly 40 percent. The cost of the average 30-year fixed-rate mortgage has also increased at a fast pace, more than doubling from 2.67 percent interest at the end of 2020 to 7.79 percent in October 2023.

Keywords: Housing; rural housing; rental housing; 5th district;

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Bibliographic Information

Provider: Federal Reserve Bank of Richmond

Part of Series: Econ Focus

Publication Date: 2023-12

Volume: 4Q

Issue: 23

Pages: 14-17