Cities attract many potential renters and homebuyers as they typically have the most job opportunities. However, cities have the highest cost of living and a short supply of affordable housing.
In a recent piece by ATTN: partnered with Zillow, Zillow economist Dr. Svenja Gudell explained, “This isn’t just a coastal problem ... We’re seeing rapidly appreciating home values in places like Nashville, Provo, Charlotte, Orlando. These people that have good jobs are running into the problem that they simply cannot afford to live in cities anymore."
The middle class should be able to afford the cities they serve without incurring the burden and long-term physical and mental stressors of a multi-hour commute. With America’s supply and demand problem not getting any better, there are certain steps that both governments and the private sector could do to try to help impact cost in a positive way.