The housing crisis in the US is not something new. However, as the economy and overall lifestyle improve, more people are relocating to the US, both permanent and temporary. In addition, many students and young professionals come from other countries, and the country needs to accommodate them in every sense.
When students live on campus, there is not much of a crisis as the new is only replacing the old. However, when these students graduate and move out of the campus and look for someplace to call home, the demand for housing increases. Yes, the government can build more and offer more, but is this a real-time solution? Sadly, it is not so easy to implement.
Here are some other ways to manage the ongoing housing crisis:
The quickest and most effective step would be to remove or least alter the regulatory barriers that control the housing industry. For example, if more apartments can be built up in a given area, the supply can be increased.
However, this is a government policy and a decision that cannot be taken lightly. Even if this move is made, seeing results would take a considerable amount of time.
If the cost of building a house reduces, there will be more companies willing to enter the market. Not all companies have the financial bandwidth to take up expensive housing projects. Low cost can enable existing players to build more houses with their current budget as well.
Increasing the number of beds per home can be one of the most cost-effective and quickest solutions to the housing crisis. This is because people are out of their houses in the morning and come back at night to sleep. As a result, house usage is very minimal, and most people only require a place to stay.
Having bunk beds can increase the bedding availability without eating into the living space in a house. Many dormitories and hostels follow this model and can accommodate many people for a nominal cost.
A smaller house can be a good solution too. Studio apartments are a good solution if furnished right. Instead of a couch, bed, kitchen, and dining table, one can opt for minimal furnishing.
A futon bunk bed in the living area can be used for casual seating during the day and a bed for the night. This bed comes in various sizes and materials. Therefore, one can opt for such a bed based on the space and budget available.
Similarly, a kitchenette with a small island kitchen can double up as working space can save space. However, for a person who hardly spends time at home, an elaborate kitchen and a separate work/ study area just consume space.
Finding innovative techniques and ideas to build houses faster can help in meeting the rising housing demand. While quality is still important, if the time required to build a house can be reduced, it can help builders rotate their funds faster.
Containers are becoming a hot trend for office space. Something similar can be done for housing too. Not only are these quick to assemble, but they also require lesser land area and can be moved around easily too.