International Journal of Social Science & Economic Research
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Title:
RETHINKING THE CURRENT HOUSING CRISIS: AN IN-DEPTH ANALYSIS OF THE CAUSES AND SOLUTIONS

Authors:
Krish Saraff

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Krish Saraff
Herricks High School, New Hyde Park, NY, 11040; Swanlaab USA

MLA 8
Saraff, Krish. "RETHINKING THE CURRENT HOUSING CRISIS: AN IN-DEPTH ANALYSIS OF THE CAUSES AND SOLUTIONS." Int. j. of Social Science and Economic Research, vol. 7, no. 12, Dec. 2022, pp. 3961-3977, doi.org/10.46609/IJSSER.2022.v07i12.008. Accessed Dec. 2022.
APA 6
Saraff, K. (2022, December). RETHINKING THE CURRENT HOUSING CRISIS: AN IN-DEPTH ANALYSIS OF THE CAUSES AND SOLUTIONS. Int. j. of Social Science and Economic Research, 7(12), 3961-3977. Retrieved from https://doi.org/10.46609/IJSSER.2022.v07i12.008
Chicago
Saraff, Krish. "RETHINKING THE CURRENT HOUSING CRISIS: AN IN-DEPTH ANALYSIS OF THE CAUSES AND SOLUTIONS." Int. j. of Social Science and Economic Research 7, no. 12 (December 2022), 3961-3977. Accessed December, 2022. https://doi.org/10.46609/IJSSER.2022.v07i12.008.

References

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ABSTRACT:
The housing market in the United States is a substantial source of wealth for households and creates many jobs. However, since the onset of the COVID-19 pandemic, the housing market has seen a steep price increase. This paper finds that the increase in prices is due to high demand driven by low-interest rates, a desire for better homes, low supply of housing units because of construction limitations, and a rapid shift from city to suburban living in response to pandemic lockdowns and shelter-in-place orders. This research paper details the aforementioned causes of the current housing crisis in the United States along with proposed solutions and policy recommendations like increased interest rates, significant construction incentives for builders, and limitations on second home purchases. The information was collected via primary sources such as expert interviews with accredited individuals in the real estate sector and secondary sources like scholarly articles and former literature surrounding the same topic. The findings concerning the causes of the current housing market were analyzed through an interdisciplinary approach that considers the cause’s effect on demand and supply as well as its effect on consumers and producers.

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