Housing construction has risen to its highest level in four years, the Census reported recently, in part a response to rising confidence among home builders, but also, as the Journal wrote this month, because household formation is beginning to pick up.
But if the Census numbers are any guide, most of these new households – students graduating from college, adult children moving out of their parents’ basements, singles moving into new homes as they get married – will move into rental apartments or condos rather than detached single-family homes.
Although construction of both homes and apartments is gaining steam, multifamily construction once again far outpaced single-family housing starts this month, in every U.S. region except California, where there are low inventories of single-family homes for sale.
Read more...Mapping Where To Build Next - Developments - WSJ
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