The New Housing Construction Industry

Paper Summary:

This paper explains that construction companies, especially in condo development, who are realizing that the housing industry may be becoming over-heated, are starting construction only after the new property has been sold. The author points out that, whereas European and other older societies use class distinction to define position in society, the U.S.society uses square footage of their homes as their status symbol. The paper relates that ever increase housing costs means that (1) Americans are spending higher percentages of their salaries on housing than in the past, which can result in financial hurdles for the population in the future and (2) lower income groups have to travel further to afford homes or live locally in houses of questionable conditions.

From the Paper:

"Supply, demand and prices for homes vary significantly based on the perceptions of the population. Currently, the interest in finding modern homes, which are more energy efficient, do not contain lead and asbestos as well as designed with better architectural features and modern amenities is also on the rise. Many older homes have limited capabilities of accommodating new appliances and the 'home office'. In addition, modern technology has also introduced more features and personal gadgets such as personal gyms and spas that can be afforded more easily."

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