Is Louisiana investing in affordable housing? See average value of new construction
BATON ROUGE, La. (BRPROUD) — A new report shows the average value of new construction across the nation.
An analysis was conducted using data from the U.S. Census Bureau and Zillow.
According to the report, decades of low residential construction have created a national shortage of at least 5.5 million homes, which is driving up prices. Data shows that from February 2020 to May 2022, the median home sale price increased from $303,000 to $415,000, a 37% increase.
According to the report, monthly mortgage payments have more than doubled since early 2020.
Delaware was identified as having the lowest average construction cost per new residential unit authorized, at $143,579. The state with the most expensive new housing is Hawaii, with an average cost of $423,609 per unit.
The average value per new housing unit authorized in the Baton Rouge metro area is $238,806. This cost is lower than the national average of $241,792.
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Louisiana ranked 12th among the Top 15 states in investing in affordable housing, with an average value of $227,295 per new housing unit authorized.
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