Housing in the United States
Housing is an important part of the US economy. It is about 15% of the Gross Domestic Product (GDP). Housing contributes to both the private investment component of the GDP as well as the consumption component.
Private investment housing component
changeThis is the part of the GDP that comes from construction, renovation, and home purchase fees. In 2000 it contributed $425 billion or 4% to the GDP (25% to the private investment component)
Personal consumption component
changeThis is the part of the GDP comes from real estate rentals. In 2000 it contributed $959 billion, or 10% to the GDP (14% of the personal consumption component).[1][2]
Affordable housing
changeHomes in 2019 in the United States were least affordable to purchase compared to any other year in the last ten last years. This is because home prices are increasing much faster than wages.[3] According to USA Today, cities with large universities were a good choice for university students after they graduate. For example, Madison in Wisconsin, which has a large University called the University of Wisconsin-Madison, has very affordable housing. [4]
References
change- ↑ "Housing's Contribution to Gross Domestic Product (GDP)". Archived from the original on 2019-06-19. Retrieved 2019-06-21.
- ↑ "Archived copy" (PDF). Archived from the original (PDF) on 2021-05-01. Retrieved 2019-06-21.
{{cite web}}: CS1 maint: archived copy as title (link) - ↑ "These are the 25 most affordable housing markets in the US". USA Today.
- ↑ "What are the best cities for jobs, social life and affordable living after college graduation?". USA Today.