An estimated 66% of all new home construction in 2020 will be built in homeowners associations, condominiums, or housing cooperatives, according to the Foundation for Community Association Research.
Development patterns across North America have focused on building infrastructure as an indicator of growth without considering impacts to long-term financial resilience and access to affordable housing options, says engineer Chuck Marohn.
New guidelines issued by the U.S. Department of Housing and Urban Development will allow more condominium units to be eligible for mortgages insured by the Federal Housing Administration—making homeownership more attainable for first-time buyers.
Despite a competitive housing market and current concerns about housing affordability, 70% of Americans still see owning a home as a clear sign of success in adulthood, according to Wells Fargo’s 2019 “How America Views Homeownership” survey.
