The price of lumber has been soaring, and the average cost of a new single-family home has jumped by $18,600. This translates into about $7,300 a month more in rent for a new apartment.
Home improvement demand in the U.S. is growing as homeowners are renovating or building new homes. The NAHB predicts that home construction will rise in the next five years.
Lumber costs will be volatile. In the building process, lumber is used throughout the process, including the structural framing, sheathing, flooring, interior walls and ceilings, cabinets, doors, siding, garages, porches, railing, fences, and more.
The National Association of Home Builders has been calling on policymakers to help resolve issues with lumber pricing and other building materials supply chain disruptions that are raising construction costs and hampering housing affordability.