I was one of nearly 230 Pennsylvania Realtors® at the Capitol in Harrisburg yesterday. We met with 90 legislators and staff.
We were there to advocate for homeownership in the commonwealth. Many consumers are struggling to find housing. Inventory is down nearly 60% from 2020, This is leaving homebuyers struggling to find properties to buy. We explained to our local legislators what issues are contributing to the lack of housing. For example, antiquated zoning laws have created obstacles to new home construction. Restrictions on accessory dwelling units deprive older citizens of housing solutions and limit the creation of new housing. Additionally, zoning restrictions can drive up costs, making communities even more marginalized.
The rising cost of constuction is also contributing to the housing crisis. Higher permit costs, supply chain issues and labor shortages are all leading to costs rising for homebuyers as well. The National Association of Home Builders reported that less than half of new and existing home sales are affordable to the average household income.
First-time homebuyers are struggling more than repeat buyers. Less than 25% of home purchases were made by first-time buyers in 2022 and the age of first-time homebuyers reached an all-time high. More than 90% of would-be first-time buyers said they cannot afford a mortgage in this market.
With PAR , I will continue to advocate for homeownership to be accessible and attainable for all Pennsylvania residents.