Redfin Chief Economist Issues Warning at YIMBY Conference in New Haven
At the YIMBYtown conference, Redfin Chief Economist Daryl Fairweather cautioned attendees of the declining homeownership rate.
Speaking at the "Yes In My Backyard" (YIMBY) pro-homes conference in New Haven, Redfin Chief Economist Daryl Fairweather delivered a keynote speech on the state of housing affordability. Fairweather specifically addressed the historic decline in homeownership rates, attributing it to more than just rising home prices.
According to Fairweather, "Homeownership rates have been declining for decades, and it's not just because of the rising home prices." She went on to explain that other factors such as stagnant wages and stricter lending standards have also played a role in the decline.
While the YIMBY conference aims to promote the development of more homes, Fairweather's warning highlights the need for more affordable options in the market. As the housing market continues to face challenges, it's important for policymakers and advocates to address the issue of affordability.
"We need to focus on solutions that will make a real impact on housing affordability," Fairweather stated.
Originally reported by RISMedia