This is Mary Walden with economist MW welcoming you to the economic perspective. Today’s program looks at location and the cost of housing. Mike, in many cities there is a concern about the cost of housing. There’s a worry the price of an apartment or modest home has risen far above what can be afforded by middle income households. What’s happened, and what can be done?
- Simple economics – many cities have become very popular as locations for new companies and residencies for young college educated workers
- They like convenience and amenities
- But, the added attractiveness of cities has pushed up land prices, and this translates to higher housing prices
- Several options for addressing
- Reexamine regulations and perhaps revise to stimulate more residential construction
- Also, encourage construction innovations – in materials, and in shared spaces
- Last, development better transit options for households living outside the city but working within the city – high speed bus lines are an example
- I’m MW
And I’m Mary Walden for the Economic Perspective, an NC State Extension program from the Department of Agricultural and Resource Economics.