NEW ORLEANS – From the Home Builders Association of Greater New Orleans:
As HBAGNO celebrates National Homeownership Month in June, builders across the metro area are calling on the White House to immediately address issues that threaten housing affordability.
“Most Americans consider home ownership to be the best long-term investment and a primary source of wealth and financial security,” said Dan Mills, CEO of HBAGNO. “With rapidly rising interest rates and higher construction costs, the American dream of safe, affordable housing is in jeopardy.”
Since the beginning of 2022, interest rates on mortgage loans jumped more than 1.9 percentage points and the prices of building materials have increased by 8%, according to the National Association of Home Builders. A recent national opinion poll conducted by the NAHB reveals that more than half (51%) of adults in the United States say housing affordability is a major issue.
In Louisiana, 48% of adults say housing affordability is a major issue.
In response to the growing housing affordability crisis, members of the Louisiana homebuilding industry signed to a letter from NAHB to the White House to seek immediate solutions to bottlenecks in the lumber and building materials supply chain to reduce construction costs and increase production of badly needed affordable housing.
“Many homeowners rely on the equity in their home to fund their retirement, their children’s education and other important needs,” Mills added. “As members of the community, we will continue to advocate for public policies that support affordable housing opportunities for all.
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