Housing In The United States: Overview of housing in the United States
Housing is an important part of the US economy.
It is about 15% of the Gross Domestic Product (GDP). Housing contributes to both the private investment component of the GDP as well as the consumption component.
Private investment housing component
This is the part of the GDP that comes from construction, renovation, and home purchase fees. In 2000 it contributed $425 billion or 4% to the GDP (25% to the private investment component)
Personal consumption component
This is the part of the GDP comes from real estate rentals. In 2000 it contributed $959 billion, or 10% to the GDP (14% of the personal consumption component).
Affordable housing
Homes in 2019 in the United States were least affordable to purchase compared to any other year in the last ten last years. This is because home prices are increasing much faster than wages. According to USA Today, cities with large universities were a good choice for university students after they graduate. For example, Madison in Wisconsin, which has a large University called the University of Wisconsin-Madison, has very affordable housing.
References
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