High building costs, interest rates take a bite out of housing affordability ...Middle East

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High building costs, interest rates take a bite out of housing affordability
In a growing state, North Carolina faces a tremendous shortage of affordable rental homes. (Photo: Clayton Henkel) Sarah Odio talks housing affordability at 2024 Land of Sky Regional Council WNC Housing Forum in Flat Rock. (Photo: Greg Childress) Skyrocketing building costs and higher interest rates have made $900 rents a thing of the past, says Sarah Odio, the associate director of housing for the Development Finance Initiative (DFI) within the UNC School of Government. In the past, Odio said, $900 rents covered money developers borrowed from lenders and equity investors to build affordable housing. Building a housing unit cost $140,000 to $150,000 during that period, Odio said. Now, de

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