How to repair or replace the floors of your garage?
article DANVILLE, Iowa (Reuters) – As much as 80 percent of the homes in the United States are expected to be overbuilt by 2030, a new report says, and the nation’s infrastructure could become so overbuilt that it could require massive new spending.
The report by the National Association of Realtors (NAR) said nearly 3.5 million American homes could be overgrown in 2025.
In the same time period, almost 700,000 homes could have a “damp ceiling” and have no ceiling space for ventilation.
The group said it had calculated that nearly 1 million homes would be built and underutilized, which would cause “substantial damage to property values and the value of real estate in the neighborhood.”
It also projected that over the next decade, about half of all American homes would have less than 5 percent of their original value.
Over the next 10 years, the report said, nearly 40 percent of new homes could become overgrown, with a further 40 percent requiring renovations.
It said that in 2025, the U.S. would be the only country where overgrown homes are more common than not.
The report noted that in 2020, more than 30 percent of all new homes were overgrown.
The NAR report comes at a time when Americans are increasingly worried about climate change, with rising sea levels threatening to make the coastal areas of many coastal cities uninhabitable for decades to come.