Bisnow’s Cameron Sperance reports on the affordability problem facing many smaller, inland cities in the U.S.
High rents and home costs in places like Boston and San Francisco are routinely in the news and have driven some residents away from the coasts to more affordable, smaller cities elsewhere in the U.S. But scarce supply and limited wage growth are driving prices up in places like Milwaukee and San Antonio.
While home prices nationally are up 4%, prices in smaller markets like Milwaukee and even Dayton, Ohio, are up nearly 9%, according to Redfin. Experts caution all municipalities to be careful about regulatory overreach when looking for a viable affordability solution.
“All these well-intentioned regulations have inadvertently added additional cost, and, unfortunately, that has impacted a lot of people,” San Antonio-based Alamo Community Group Executive Director Jennifer Gonzalez said last month at the National Association of Real Estate Editors conference.
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