In recent years, Americans have been very worried about the rising costs of building homes and the lack of affordable homes. The COVID-19 pandemic has only made the problem worse. Labor shortages and problems in the supply chain have caused prices to go up. Inflation is also a big factor. The average cost of materials to build a single-family home went up by 42% from 2018 to 2021, according to a report from Bank of America called Who Builds the House? Furthermore, in 2022, the median sales price for new homes rose to a record $450,600, a 20% increase from the previous year.
These higher material costs and rising home prices have resulted in rapidly-rising mortgage rates, making it difficult for many first-time home buyers to enter the market and keeping would-be second-home buyers in their current homes. To make matters worse, inflation exceeds wage growth by 1%, with inflation at 4.2% and wage growth at 3.2% as of April 2021. This means that people are making more money, but their dollars are losing buying power.
Despite these challenges, there is hope that home costs will eventually balance out, and that new opportunities for home ownership are emerging. One potential solution is automation, particularly the use of 3D printing in homebuilding. Mighty Buildings, a startup company in California, uses a 20-foot-high 3D printer to print small homes in less than 48 hours. This process can make homes more affordable, with Mighty Buildings decreasing the cost of homes in California by 45%. 3D-printed homes are less expensive to build than other factory-built housing, and Mighty Buildings uses a single material to build a wall, unlike traditional builds that use multiple materials. The company's prices range from $115,000 to $200,000 for homes ranging from 350 square foot studios and higher. Although their first homes are not fully 3D-printed, Mighty Buildings aims to fully 3D print all units by 2024 and eventually 3D print affordable apartments.
The rise of automation and the use of 3D printing in homebuilding may provide solutions to the current challenges faced by the housing market, including rising costs and material shortages. As the futuristic article "A JOURNEY TO 40 YEARS FROM NOW - AN OFFERING OF POSSIBILITIES" notes, "Homelessness for even working individuals and families have become commonplace. Some new businesses have started 3D modeling smaller homes for faster construction and cheaper price tags to help with the homelessness crisis."
This quote shows how 3D printing could be used to build homes and help people who are homeless. In particular, smaller 3D-printed homes could be constructed more quickly and at a lower cost, making them a potential option for people struggling to find affordable housing.
While the housing market faces many challenges, the emergence of automation and 3D-printing technology provides hope for the future. 3D-printing could be a game-changer in the fight against the affordable housing crisis by making homes more affordable and reducing construction times. With companies like Mighty Buildings at the forefront of this technology, the future of homebuilding looks brighter than ever before.
ABOUT THE BLOGGER
La Shon Y. Fleming Bruce a/k/a SHONSPEAKS is a blogger, thought leader, mental wealth coach for those ready to break the chains of a poverty mindset caused by religious, social and political ideologies, a certified brain health specialist, a speaker, and lead creator of https://shonspeaks.org I am also a lawyer and managing member of The Fleming-Bruce Law Firm, P.L.L.C. whose practice areas focus on divorce, custody, probate, car accidents, and bankruptcy.
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