{"id":6650,"date":"2024-10-26T01:08:07","date_gmt":"2024-10-26T01:08:07","guid":{"rendered":"https:\/\/finderica.com\/shortage-is-the-biggest-difference-in-housing-market-property-brothers\/"},"modified":"2024-10-26T01:08:07","modified_gmt":"2024-10-26T01:08:07","slug":"shortage-is-the-biggest-difference-in-housing-market-property-brothers","status":"publish","type":"post","link":"https:\/\/finderica.com\/?p=6650","title":{"rendered":"Shortage is ‘the biggest difference’ in housing market: Property Brothers"},"content":{"rendered":"
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Many factors make it hard to buy a home today, but the one that makes “the biggest difference” in today’s market is the housing shortage, Drew Scott, co-host of HGTV’s “Property Brothers,” said at CNBC’s Your Money event<\/a> Thursday.<\/p>\n

“I don’t think people realize this shortage of housing that we have affects everything \u2014 from the unhoused problem to the cost of housing,” said his brother Jonathan Scott, the other co-host of the home renovation and design television series. <\/p>\n

The median sales price of U.S. homes was $412,300 in the second quarter of 2024, according<\/a> to the U.S. Census via the Federal Reserve. That is down from $426,800 in the first quarter and from the peak high of $442,600 in the fourth quarter of 2022, the Fed reported.\u00a0<\/p>\n<\/div>\n

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More from Your Money:<\/h2>\n
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Here’s a look at more stories on how to manage, grow and protect your money for the years ahead.<\/em><\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n

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“Give it another 20 years and literally no young person will be able to afford to purchase a home, period,” Jonathan Scott told CNBC.<\/p>\n<\/div>\n

<\/a>Why there’s a housing shortage<\/h2>\n
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As of mid-2023, there’s a housing shortage of 4 million homes, according<\/a> to the National Association of Realtors. Construction of new homes has been slow in recent years, and more buyers are competing for available homes, pushing up prices.<\/p>\n

While there have been recent signs of improvement for the housing supply, it’s not enough to solve the underlying constraint in the U.S. housing market.<\/p>\n<\/div>\n

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Single-family housing starts in the U.S., a measure of new homes that began construction, grew to 1,027,000 in September, according <\/a>to U.S. Census data. That is a 2.7% jump from August.<\/p>\n

At the same time, more home sellers have come on the market in the fall. Many homeowners were under the “lock-in” or “golden handcuff” effect, which kept them from listing their homes because of the record-low mortgage rates they got from the pandemic.\u00a0<\/p>\n<\/div>\n

<\/a>‘It’s ok if you wait a few years’<\/h2>\n
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HGTV’s “Property Brothers” co-hosts Drew Scott, left, and Jonathan Scott.<\/p>\n

Jason Davis | Getty Images Entertainment | Getty Images<\/p>\n<\/div>\n<\/div>\n<\/div>\n

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Despite high housing costs, a home purchase is still a good investment, the Scott brothers said.<\/p>\n

U.S. homeowners with mortgages have a net homeowner equity of over $17.6 trillion in the second quarter of 2024, according<\/a> to CoreLogic. Home equity increased in the second quarter of this year by $1.3 trillion, an 8.0% growth from a year prior.<\/p>\n

“You have to think long-term,” Jonathan Scott said. “It’s okay if you wait a few years.”<\/p>\n

Given housing market constraints, the Scott brothers said, you can benefit from being creative, such as purchasing a home with a family member or even a friend.<\/p>\n<\/div>\n<\/div>\n

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Many factors make it hard to buy a home today, but the one that makes “the biggest difference” in today’s market is the housing shortage, Drew Scott, co-host of HGTV’s “Property Brothers,” said at CNBC’s Your Money event Thursday. “I don’t think people realize this shortage of housing that we have affects everything \u2014 from<\/p>\n","protected":false},"author":1,"featured_media":6651,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"rank_math_lock_modified_date":false,"footnotes":""},"categories":[196],"tags":[200,1406,653,269,94,1405,1404],"class_list":{"0":"post-6650","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-finance-news","8":"tag-biggest","9":"tag-brothers","10":"tag-difference","11":"tag-housing","12":"tag-market","13":"tag-property","14":"tag-shortage"},"_links":{"self":[{"href":"https:\/\/finderica.com\/index.php?rest_route=\/wp\/v2\/posts\/6650","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/finderica.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/finderica.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/finderica.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/finderica.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=6650"}],"version-history":[{"count":0,"href":"https:\/\/finderica.com\/index.php?rest_route=\/wp\/v2\/posts\/6650\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/finderica.com\/index.php?rest_route=\/wp\/v2\/media\/6651"}],"wp:attachment":[{"href":"https:\/\/finderica.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=6650"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/finderica.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=6650"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/finderica.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=6650"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}