Nationwide, construction of single-family homes has not kept up with demand, and that may not change anytime soon. The home construction workforce is shrinking, while construction wages have risen.
Labor may become even scarcer as immigration policies tighten. It’s estimated that undocumented workers make up 10 to 20 percent of the single-family construction labor force, so the loss of those workers could drive up wages even further.
The combination of rising wages and high land prices has led more builders to focus on the top-tier market — but those homes are out of reach for many first-time buyers. If there aren’t enough entry-level homes to purchase, those would-be buyers will continue to rent.
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