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The housing gap, which refers to a shortage of available andaffordable housing, affects regions differently.
The situation is worse in certain states, including in the Midwest.
In Iowa, that figure climbs to 34.
Illinois Policyalso highlights the difficulty of finding housing in the Midwest, especially for those living in poverty.
According to data, one in three Illinois households pay more than 30% of their income for housing.
To help low-income families, Illinois will need another 113,000 units and almost 290,000 affordable rental homes.
Several factors contribute to this steep housing gap in the Midwest.
Slowed Construction
According to Bhardwaj, construction slowed dramatically and never rebounded after the 2008 financial crisis.
Additional issues, like zoning regulations, labor shortage challenges and aging infrastructure, further limited new construction.
Demand From the Pandemic
The housing shortage resulting from the COVID-19 pandemic made the housing gap worse.
According to Bhardwaj, demand for single-family homes increased during the pandemic.
The pandemic also disrupted supply chains and contributed to inflated construction costs.
Now, as those would-be homeowners look for their first homes, theyre driving up demand.
Healthier folks are aging in place and are not bringing their homes to market, said McCormick.
Buyers have less inventory to choose from, as a result.
Bhardwaj recommended a strategic and forward-thinking approach when buying a home.
And, when buying in the Midwest, prepare to be patient.
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