While still known for its relatively low cost of living and high quality of life, the Lehigh Valley has nonetheless experienced many of the issues faced by the nationwide housing market in recent months.
Despite the COVID-19 pandemic, the housing industry has seen record-breaking demand over 2020 and into 2021. Combined with the soaring price of lumber, steel, and other homebuilding materials, the housing industry is being squeezed—and consumers are feeling the pain.
NAHB Study Highlights Housing Affordability Crisis
A recent study from NAHB points out just how big of an issue housing affordability has become. According to the NAHB study:
- Even relatively small increases in new home prices ($1,000) would prevent more than 150,000 households from qualifying for mortgages.
- Roughly 60% of all US households are unable to afford the current median price of a new-construction home.
- Many new homes have been purchased but have not begun construction, a figure up 45% from 2020.
Despite the costs of new construction, there are many beautiful homes in the Lehigh Valley that do not require a brand-new build: older homes, recently remodeled homes, and newer-construction homes.
While local property values and sale prices for these homes are higher than before—the median single-family home sale price is up 16% in the Lehigh Valley—these homes are certainly more affordable than new constructions. The value of local properties is expected to appreciate over time as well.
Moving to This Area? Contact Our Lehigh Valley Moving Company
If you're looking to move to, from, or within this region, the experienced Lehigh Valley movers of O’Brien’s Moving and Storage can help. We’ve served families and businesses since 1928!
Over our many decades of service, we’ve seen our fair share of housing trends, and we’ve helped our customers move successfully in every circumstance. We’re a trusted agent for Allied Van Lines and a team of skilled local professionals, offering every service you could need for a cost-effective and comfortable move:
- Residential Moving
- Senior Moving
- Office and Industrial Moving
- Specialized Moving
- International Moving
Start your move today by contacting our professional movers in the Lehigh Valley, PA! Call O’Brien’s Moving and Storage to speak with a move coordinator or fill out our online form to request your free in-home or virtual moving quote now.