Housing Crunch: The Growing Crisis In America's Real Estate Market
NorthAmerica
Business
The real estate has the potential for more growth as more people seek affordable housing. The housing experts in the United States of America have posed that there aren’t enough houses in the US. This has also been an issue in many countries. The United Nations Habitat feels this has resulted from poor global housing policy failure. The World Economic Forum notes that the housing crisis is getting worse than the previous years as the population growth rate continues to increase in most countries. As of mid-2024, the global population nearly hit 8.2 billion. This is expected to rise by 2.5 billion people in the next 60 years. Countries that have had a decline in their population are in Europe due to increased mortality rates and lower birth rates to replace the older generation. Other factors such as migration and effects of COVID-19 have contributed to the population decline in Europe. However, it's important to note that nations such as Germany and Switzerland have experienced population growth due to immigrants moving into the country. Pakistan has the highest number of homeless people with about 8 million people. According to World Population Review, Grenada recorded the lowest number of 63 homeless people as of the year 2023. Vatican City is the only known country with no homeless people. Despite the US being a global power, it still faces one of its biggest challenges of homeless people which populates more than 500,000 people as of year 2022. Pew Research's survey of the status of housing in the US states that most people feel that the housing crisis is a major concern among all the local issues that need to be addressed. The lack of address to the housing problem has continued to accelerate in the US as few housing units have been constructed. Adding ail to the problem is the expensive rent that individuals have to consider when renting a house. Individuals are forced to live on pay-to-pay checks, adding pressure to an already bloomed housing crisis. As a result, most people live in their cars, while the other fraction is forced to hoist tents in the streets. Lack of housing in the US has killed the dreams of many Americans, as well as contributed to the US’s economic decline due to limited consumption of goods and services. Savings, income, and loans by most individuals are focused on housing leaving people on pay-to-pay checks and homeless.
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