"I don't think people realize this shortage of housing that we have affects everything," added his brother Jonathan Scott. This emphasizes the pervasive impact of housing shortages on various societal issues, including affordability.
"Give it another 20 years and literally no young person will be able to afford to purchase a home, period," Jonathan told CNBC. This stark prediction underscores the urgent need for solutions to the housing crisis.
Despite high housing costs, a home purchase is still a good investment, the Property Brothers said. This highlights the long-term benefits of homeownership amid current market challenges.
As of mid-2023, there's a housing shortage of 4 million homes, according to the National Association of Realtors. The ongoing scarcity exacerbates competition and drives prices higher.
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