Just met w/ a developer - housing affordability may get much worse.
#4 House Hacking Contributor
- Realtor
- Reno, NV
Just spoke to a developer in Northern Nevada, and he made a comment that was pretty shocking to hear first hand.
Apparently, local jurisdictions here are saying they want more affordable housing, but in the same sentence will also say that there will be more regulations, more environmental protections, and more hoops to jump through to develop starter homes.
This will simply causes prices to be even higher, and continue to constrict demand...
The Reno MSA already has natural topographical land constraints, and there have been studies about land "running out" here in less than 10 years.
With people continually migrating from CA, more jobs moving here (Tesla Semitruck factory being built as I type this), I don't know how this gets solved.
Explore detailed population growth statistics at the Federal Reserve Bank of St. Louis
Releasing Federal Land for private sale?
I know this is also a National issue, especially in land constricted markets. What do you see out there?
Curious to get everyones take.
- Jake Andronico
- 415-233-1796
Most Popular Reply
I just paid my contractors liability insurance and it went up another 40%. That's a total of120% since 2019. My broker says more hikes to come.
Building codes are getting much stricter and I suspect heading your way. Every circuit in a house is now afci/gfci. Must have solar, ev charger etc.
My materials distributors are expecting more inflation.
Homeowners insurance is still going up.
I wholly expect CA residents to continue to move there (wished I'd bought there! Lol)
So I think its very reasonable for you to assume prices continue to rise there.