The Global faces a severe housing shortage.
“Years of underbuilding has created a large deficit, particularly for states with strong economies that have attracted a lot of people from other states,” says the report, The Housing Supply Shortage: State of the States, from mortgage loan company Freddie Mac. “The issue of undersupply will be further exacerbated as Millennials and younger generations enter the housing markets.”
Freddie Mac estimates that 2.5 million to 3.3 million additional homes are required to meet current needs
The National Low Income Housing Coalition pegs the shortage of affordable homes nationally at 7.2 million
“To many, this may seem like a crisis, and in part they’re correct, but the housing shortage also presents an opportunity,” says The Tech Report. “It’s a chance for some of America’s great minds to demonstrate why this country is known for innovation, progress, and perseverance.”.
The UK’s chronic housing shortage is one of the biggest challenges the country faces. The Government is aiming to build 300,000 new homes every year to match demand and keep housing costs affordable, but less than 250,000 were built last year, the highest rate in a decade. But contrary to popular belief, there is not one single national housing crisis. In many parts of the country, housing is relatively affordable, and supply keeps up with the demand for new homes.
Instead, Britain has many localized housing crises focussed on its most economically successful cities and towns where employment opportunities draw in large numbers of people. These housing crises are caused by how our planning system disconnects the local supply of housing from local demand.
Experts say this is what Australia needs to do to solve the housing crisis.With many Australians locked out of the housing market or staring down the barrel of a 40-year, million-dollar-plus mortgage, the federal government has proposed a raft of policies aimed at addressing housing affordability in Tuesday’s federal budget.
There is a housing shortage in NZ as well.
Google, Microsoft, many homebuilders and others believe modular homes, steel frame home, is the answer.
Some Modular Homes Use Steel for Structural Integrity
“While the U.S. housing shortage crisis won’t be solved overnight, modular homes point the way forward,” says The Tech Report.
Google reportedly spent $30 million for 300 modular homes in the San Francisco Bay area
Although many builders construct modular homes with wood framing, some are turning to cold-formed steel (CFS) for its durability.
“The addition of light-gauge steel gives a modular house the structural integrity it needs to remain stable,” says the Tech Report.
Structural integrity is greatly needed in modular homes, as some can reach up to five stories and accommodate multiple families.