Local leaders urged to consider several modifications to boost homeownership
KANSAS CITY, Mo. (KCTV) - A local organization has called on community leaders to consider several changes that could lead to more attainable homeownership in the metro.
The Home Builders Association of Greater Kansas City announced on Monday, June 2, that as it celebrates National Homeownership Month, continue to advocate for housing policies that will improve community affordability.
According to the National Association of Home Builders estimates, more than 3 out of 4 - 77.7% - Kansas City families cannot afford a new home that is moderately priced.
“The lack of homes is the primary cause of growing housing affordability challenges. Unfortunately, there is no single “silver bullet” solution to make homes more affordable,” said Will Ruder, executive vice president of the KCHBA. “The residential construction industry is advocating for various strategies in our market that will help reduce costs, boost supply and empower aspiring home buyers in our community.”
KCHBA has recommended that cities consider a thorough review of zoning restrictions that bar homes from being built in unoccupied areas. It has also urged the involvement of the organization in ongoing code adoption discussions to ensure homes are built to safety standards and unnecessary codes do not create unattainable prices.
Organization leaders said that the more that cities are able to cut red tape and let builders build, the quicker the local supply will increase and allow demand to moderate escalated prices.
KCHBA noted that the value Americans place on homeownership continues even through challenging times. A recent Federal Reserve Bank of New York survey found that more than 2/3 - 67% - of Americans say a home is a good investment.
“The sentiment among Americans is no surprise, as homeownership offers an opportunity for households to accumulate assets and build wealth over time through equity,” said Ruder. “Many homeowners count on their home equity to fund important needs and as of the community, we will continue to advocate for public policies that affordable housing opportunities for all.”
For more information about homeownership in Kansas City, click HERE.
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