Though Home Building is Concentrated in Millennial Areas, Pace Lags Rest of Nation
The pace of housing production in areas with the greatest concentration of millennials lags the rest of the nation, according to the latest quarterly National Association of Home Builders (NAHB) Home Building Geography Index (HBGI).
The majority of single- and multi-family housing production in the U.S. is occurring in counties with the greatest concentration of millennials. However, in a warning sign that the housing affordability crisis persists and more construction is needed, the pace of housing production in areas with the greatest concentration of millennials lags the rest of the nation, according to the latest quarterly National Association of Home Builders (NAHB) Home Building Geography Index (HBGI).
According to the NAHB, its third quarterly release of the HBGI sheds new light on the housing market by focusing on where millennials live. “Millennial counties” are defined as geographic areas where at least 26% of the population consists of this growing demographic group. These millennial counties are diverse, representing major metro areas including several California markets, Seattle, Portland, Boston, and Washington, D.C., as well as more rural counties in places such as Ohio, Kansas, and Missouri.