CHARLOTTE, N.C. — LendingTree is taking a new look at affordable housing by considering the lasting impact of new construction.
The publication compared growing metro areas across the country and put them in a ranked list based on how many new housing units are being built. The report is based on data between 2020 and 2022.
Charlotte made the listing coming in at number 7 in a list of 50 metro areas.
The top three were Austin, Texas; Nashville, Tennessee; and San Antonio, Texas.
More construction could help create a more affordable housing market, according to the report. More homes and less competition are needed to drive down prices.
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However newly-constructed homes tend to be pricier than older housing. More contemporary styles and costly finishes can drive up the price. Plus, builders may need to charge extra to offset the cost of labor and materials.
Some are optimistic as more new housing pops up, supply might just outpace demand. This could make entering the housing market easier.
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