Recognizing the complex challenge, several Midwestern states made significant investments in workforce housing during their recent legislative sessions. Old homes tend to be more affordable to purchase but often come with a backlog of maintenance issues. Our aging housing stock is now a challenge and an opportunity. Rural America has been slow to build new houses for various reasons, including lack of contractors, high cost of importing materials, slim profit margins, low population growth, and poor economies of scale. Many small towns grapple with similar statistics. In the village of Stuart, 68 percent of homes were built before 1970, according to a recent report from the Flatwater Free Press. Nearly half of Nebraska’s homes predate the Nixon presidency. Meanwhile, wage stagnation and inflation have pushed dreams of home-ownership further out of reach for many. You used to be able to easily find a modest older home in the rolling hills and plains of the Midwest for under $100,000. Home prices continue to rise even in rural communities that historically benefited from lower housing costs. We now make home ownership, rehab, and repair loans up to $100,000 in rural Nebraska. Ultimately, we need public investment to make it happen at a meaningful scale.įor its part, the Center for Rural Affairs added single-family mortgage lending to our programs in 2021. Solving this shortage will require multifaceted solutions, community involvement, and state and federal policy.īuilding and improving housing takes money. Small towns need affordable, quality housing for people across the financial spectrum. Quality housing is also linked to health and well-being, and home ownership remains a primary way working people build equity and ownership. That was a naive view.Ī lack of affordable housing hamstrings rural towns’ ability to attract workers and slows business growth. If we could get jobs, education, and health care right, new homes would sprout like morel mushrooms in the spring. I used to think that if the market would take care of any problem facing rural communities, it would take care of housing. forces would defend Taiwan in the event of a Chinese invasion Hong Kong tech leads losses in mixed Asia session Fed, Bank of Japan rate decisions ahead this week.The S&P 500 could retest its bear market low as Fed meeting looms, according to chart analysts.Piper Sandler upgrades Array Technologies, says solar stock can surge on improved forward outlook.European markets slip as traders await this week’s Fed meeting.State funeral for Queen Elizabeth II ushers in the end of an era.Russian pop star lashes out against Ukraine war another nuclear plant hit by Russian strike.Hilton to design astronaut suites, facilities for Voyager’s private space station Starlab.Bitcoin drops 5% to its lowest level in 3 months as risk assets continue to get crushed.Apple may be seeing a demand split for iPhone 14 models, Bank of America says.Stocks making the biggest moves midday: Lennar, Coinbase, Array Technologies and more.Goldman says own these frugal stocks with corporate profitability under siege.India is the ‘best bet’ in the global economy, says conglomerate exec.Dow closes nearly 200 points higher, stocks snap two-day losing streak to start big Fed week.Here’s what to expect at the next BOJ meeting Gib shortage: Delivery workers strike for better pay.European markets advance, following global trend higher.Sweden’s central bank launches 100 basis point rate hike, says ‘inflation is too high’.Battle to liberate Russian-occupied Luhansk leaves proxy leaders worried UK pledges to match support for Ukraine in 2023.Susquehanna downgrades PayPal to neutral, citing growing margin pressure at Braintree subsidiary.
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