Rising Interest Rates, House Prices Push Thousands Out of the Market

One thousand dollars might sound insignificant when compared to the overall price of a new home. But that relatively small amount of money has a surprisingly big impact on affordability.

The National Association of Home Builders economists recently determined that for every $1,000 increase in the cost of today’s median-priced home, nearly 153,000 American households are priced out and would no longer be able to afford it.

Many builders and developers are finding it increasingly difficult to avoid these price jumps in the face of mounting regulations and government-imposed fees, which can add up quickly and shut the door on a growing number of prospective buyers.

Those numbers become even more eye-opening when looking at potential interest rate increases. With just a quarter-point rise in the rate for a 30-year fixed-rate mortgage, approximately 1.2 million people would be priced out of that segment of the market and forced to set their sights lower than a median-priced home—or delay their home purchase altogether.

But the impact varies widely across the country. The effects are more significant in areas where new homes are more affordable.

Eye On Housing recently revealed which states and metro areas have the highest percentage of priced-out households.

Tips for Maintaining a Safe Job Site

Following these eight rules can help workers steer clear of the most common jobsite hazards and keep construction sites looking neat, professional, and well cared for.

• Hold mandatory safety meetings at the start of each day so that everyone knows the rules.
• Keep walkways and stairways clear of trash, debris and materials like tools and supplies to prevent tripping and falls.
• Pick up boxes, scrap lumber and other materials and put them in a dumpster or trash/debris area to prevent fire and tripping hazards.
• Provide enough light so workers can see any hazards and prevent accidents.
• Provide an adequate supply of drinking water and restrooms.
• Always wear personal protective equipment (e.g., hard hats, goggles, gloves, non-skid work boots).
• Always maintain three points of contact while ascending or descending a ladder.
• Take regular breaks to reduce the chance of an accident happening due to exhaustion.

PWB Happy Hour Social

Join the Professional Women in Building Council for their Happy Hour Social at Firebirds Wood Fired Grill on January 17th, from 4-6 p.m. This event will include drinks, appetizers, and networking with other top professionals.