RISMedia
  • News
  • Premier
  • Reports
  • Events
  • Power Broker
  • Newsmakers
  • More
    • Publications
    • Education
No Result
View All Result
  • Agents
  • Brokers
  • Teams
  • Marketing
  • Coaching
  • Technology
  • More
    • Headliners New
    • Luxury
    • Best Practices
    • Consumer
    • National
    • Our Editors
Join Premier
Sign In
RISMedia
  • News
  • Premier
  • Reports
  • Events
  • Power Broker
  • Newsmakers
  • More
    • Publications
    • Education
No Result
View All Result
RISMedia
No Result
View All Result

NAR Forum Tackles ‘Historic’ Housing Shortage Issues

Home Latest News
By Jordan Grice
July 23, 2021
Reading Time: 3 mins read
3

As plans for the nation’s infrastructure take shape, real estate professionals and industry experts say fixing housing shortages needs to be a critical part of the conversation.

“Housing is an essential long-term asset that helps families climb the economic ladder to prosperity, brings folks closer to job opportunities and generates tax revenue that supports community residents,” said Charlie Oppler, president of the National Association of REALTORS® (NAR).

NAR hosted a virtual event on July 15 that focused on how policymakers and industry stakeholders could address the nation’s historic housing supply shortage.

Oppler acknowledged President Biden’s plans to invest in housing and generate two million additional homes in the U.S. through construction and rehabilitation, but based on recent reports from NAR, that may not be enough to meet the lingering shortage of homes needed nationwide.

Industry experts assessed the findings in NAR’s recently released report, “Housing Is Critical Infrastructure: Social and Economic Benefits of Building More Housing,” which painted a clearer picture of the nation’s decades-long underbuilding gap.

While the report focused on the 5.5 million housing unit gap, experts said the number is much closer to 6.8 million when considering other factors in the market.

“When you look at the combination of building housing to meet the demand from new household formation plus replacing existing stock that’s lost, we have a very large gap each year,” said David Bank, senior vice president of Rosen Consulting Group, which co-authored the report.

According to Banks, the shortage of available and affordable housing stock has stymied young adults looking to move out of their parents’ houses and into their own homes.
He also highlighted the growing number of existing homes in the market that are decades old and need renovation or rehabilitation.

“Looking back about 20 years ago, about a third of our housing was at least 40 years old in this country,” Banks said. “Today, that is more than half of all housing in the country. We’ve got just barely 7% of housing in the country that’s built in the last ten years as of 2019.”

Based on current trends in home construction and investment, Banks indicated that it would take almost two decades to fill the gap of housing units.

Banks also connected the NAR report and the president’s infrastructure ambitions in his remarks during the event.

“If we are going to build new highways or new bridges or new broadband internet, we need to think about ‘who are the communities and people that are going to be using those services?’,” he said. “Where are we going to live, and how are they going to be able to afford the housing?.It’s for that reason that we think it’s so important to have a coordinated approach to housing construction as part of an infrastructure strategy.”

A top official from the U.S. Department of Housing and Urban Development (HUD) also joined policy experts from NAR during the event to discuss strategies federal officials are considering to improve the housing supply.

Alanna McCargo, HUD’s senior advisor, indicated that several approaches and policies would be needed to fix the longstanding problem.

“There are not really any silver bullets,” said McCargo, adding the administration will take a serious look at how they can speed up renovation and rehabilitation construction efforts.

McCargo also highlighted the importance of working on the local level to reform zoning and land-use policies and noted that the rising construction costs must be addressed.

“Aggressive renovation and rehab process, and also building resiliency and energy efficiency into that for the future, are going to be really key approaches that the administration is prioritizing,” she concluded.

Jordan Grice is RISMedia’s associate content editor. Email him your real estate news ideas to jgrice@rismedia.com.

Tags: Housing ShortageIndustry EventIndustry NewsNARNational Association of REALTORS®real estate newsVirtual Event
ShareTweetShare

Jordan Grice

Jordan Grice is a contributing editor for RISMedia.

Related Posts

Empowering Female Business Owners on Their Path to Aligned Ambition
Agents

Empowering Female Business Owners on Their Path to Aligned Ambition

June 19, 2025
Maximizing the Power of Your MLS
Best Practices

Maximizing the Power of Your MLS

June 19, 2025
HomeServices
Agents

HomeServices of America Names Jimmy Burgess Chief Coaching Officer

June 19, 2025
GSEs
Industry News

National Housing Conference Outlines Goals of GSE Privatization

June 19, 2025
mortgage
Industry News

Mortgage Rates Move Lower

June 19, 2025
Weichert
Agents

Weichert’s 25th Charity Outing Tees Off This August

June 19, 2025
Please login to join discussion
Tip of the Day

Why a Dirty Car Could Cost You the Deal

Think a dirty car doesn’t matter? Think again. Learn just how much first impressions can make or break a deal. See how.

Business Tip of the Day provided by

Recent Posts

  • Empowering Female Business Owners on Their Path to Aligned Ambition
  • Maximizing the Power of Your MLS
  • HomeServices of America Names Jimmy Burgess Chief Coaching Officer

Categories

  • Spotlights
  • Best Practices
  • Advice
  • Marketing
  • Technology
  • Social Media

The Most Important Real Estate News & Events

Click below to receive the latest real estate news and events directly to your inbox.

Sign Up
By signing up, you agree to our TOS and Privacy Policy.

About Blog Our Products Our Team Contact Advertise/Sponsor Media Kit Email Whitelist Terms & Policies ACE Marketing Technologies LLC

© 2025 RISMedia. All Rights Reserved. Design by Real Estate Webmasters.

No Result
View All Result
  • Home
  • Premier
  • Reports
  • News
    • Agents
    • Brokers
    • Teams
    • Consumer
    • Marketing
    • Coaching
    • Technology
    • Headliners New
    • Luxury
    • Best Practices
    • National
    • Our Editors
  • Publications
    • Real Estate Magazine
    • Past Issues
    • Custom Covers
  • Events
    • Upcoming Events
    • Podcasts
    • Event Coverage
  • Education
    • Get Licensed
    • REALTOR® Courses
    • Continuing Education
    • Luxury Designation
    • Real Estate Tools
  • Newsmakers
    • 2025 Newsmakers
    • 2024 Newsmakers
    • 2023 Newsmakers
    • 2022 Newsmakers
    • 2021 Newsmakers
    • 2020 Newsmakers
    • 2019 Newsmakers
  • Power Broker
    • 2025 Power Broker
    • 2024 Power Broker
    • 2023 Power Broker
    • 2022 Power Broker
    • 2021 Power Broker
    • 2020 Power Broker
    • 2019 Power Broker
  • Join Premier
  • Sign In

© 2025 RISMedia. All Rights Reserved. Design by Real Estate Webmasters.

X