Practice English Speaking&Listening with: How Do Housing Supply Gap Challenges Differ Across the US?

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Hi, Im Pete Carroll, executive of public policy at CoreLogic and this week were

going to discuss how housing supply gap challenges differ across the U.S.

In this episode we want to explore how the needs of communities across the U.S. differ

from one another and why solutions to our housing supply gap crisis need to be responsive

to these differences.

Lets return to our housing-supply-gap-as-a-ladder analogy. There are observable trends that

apply to each rung in the ladder, which tend to be true for all communities across the

U.S.

For example, the most economically disadvantaged people (who earn less than half of what their

neighbors earn) live in multifamily rental housing. These tend to be poor communities

that are too often struggling with crime and lack of economic mobility and require subsidies

for affordable rents.

Likewise, those with low to moderate income (who earn somewhere between half of what their

neighbors earn to a little more than what their neighbors earn) tend to live in better

quality communities with more economic opportunity, including homeownership. Though subsides are

still needed for the low-income end of the spectrum.

And finally, more economically advantaged people, or those who earn more than their

neighbors, live in wealthier communities where people are fully in control of their rent

versus buy decision.

With this said, different communities often have very different visions for the type of

housing that should fill their supply gaps. For example, in Memphis, Tennessee, communities

across all rungs of the ladder are focused on single-family detachedthe typical 1-unit,

white-picket-fence American dream home. Whereas in Columbus, Ohio, for example, their housing

supply gap is so acute, over 1 million units need to be added in the next 5 years, and

communities are focused on the gamut of housing options, including single-family attached

(2-4 unit), multifamily condominiums and apartments, and even novel housing such as manufactured

or prefabricated off-site developed homes and accessory dwelling units.

When we think about solving the housing gap challenges, different regions, and even counties

and cities, have different views on what the right mix of housing is for their communities.

Its important to be responsive to local concernsas there is no one size fits all

solution. And well discuss some of these solutions in an upcoming episode.

Thanks for tuning into this episode of The U.S. Housing Supply Crisis and Economic Mobility.

For more information about the property ecosystem, visit corelogic.com/insights. Otherwise, make

sure to like, leave a comment and subscribe, and well see you in the next episode.

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