House prices have been ballistic over the last two years, in part due to a big shortage in housing materials. A new report lays out what elements actually go into building a home, highlighting how complicated — and expensive — the process can get.
“In the last three years, the cost to build a home in the U.S. has risen at an unprecedented rate,” wrote the authors of Bank of America’s 2022 “Who builds the house ” report, released June 8.“The way home builders describe the supply chain right now is whack-a-mole,” Rafe Jadrosich, an analyst at Bank of America and a co-author of the report, told MarketWatch, “where every time they find one thing that they fix, another one pops up … there’s always a new category that’s creating the bottleneck.
“Home construction cost has consistently outpaced overall inflation over the last 40 years,” the report added. The Bank of America report, which factored in data from the National Association of Home Builders, detailed 14 components that go into building a house and how much they cost on average: A shortage of windows has slowed down the construction process considerably, Jadrosich said. “You can’t finish a lot of the houses if you don’t have the windows in,” he explained. “You can’t put your appliances in, and paint the walls, and finish your floors, if the house isn’t sealed with windows.”
Plumbing has been one of the sectors that has been hardest hit by the labor shortage, Bank of America said. “Employee retention will be critical to keep up with the rising demand,” they said.And U.S. households may be facing an unseen cost as a result of rising prices in homebuilding: The average home in the U.S. has shrunk considerably over the years.
Honestly it's somewhat risky right now trying too build a home unless you stable on job got decent credit & 10%+ for down-payment or even paying cash if not I would just rent or roommate up right now.
It’s more than this. fyi