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CED-78-101 1 (1978-05-11)

handle is hein.gao/gaobaaxhx0001 and id is 1 raw text is: DOCUMENT RESUME 05998 - (B13663731 Uhy Are Bev House Prices So High, How Are They Influenced by Government Regulations, and Can Prices Be Reduced? rED-78-101; B-114860. May 11, 1978. 49 pp. * 8 appendices (17 pp.). Report to the Congress; by Elmer B. Staats, Ccmptrollor General. Issue Area: Domestic Housing and Community Development (2100). Contact: Community and Economic Development Div. Budget Function: Commerce and Transportation: Mortgage Credit and Thrift Insurance (401); Community and Regional Development: Community Development (451). organization Concerned: Department of Housing and Urban Devolopment. Congressional Relevance: House Committee on Banking, Finance and Urban Affairs; Senate Conmit@ee on Banking, Housing and Urban Affairs; Congress. Authority: Housing Act of 1949 (42 U.SoC. 1441). S. 2050 (95th Cong.). H.R. 9874 (95th Cong.). Internal Revenue Code of 1 954. Some housing officials have suggested that the American dream cf ovning a house may be vanishing because the median selling price of houses in 1976 hit an alltine high of S14.300, and the average selling price by the end of 1976 reached $51,000. Increased costs associated uith Government regulations# materials, labor, financing, property taxes, and utilities have contributed to highr housing prices and a decline in housing affordability. many young, middle-income, and first-time home buyers can no longer afford to buy an existing hcuse. Findings/Conclusions: Typical new houses today are 700 square feet larger than popular houses of the 1950s because of additional bedrooms, bathrooms, family rooms, and eating areas. Although a 1976 survay showed that potential new home buyers would be willing to accept smaller houses to reduce costs and nany communities allowed smaller houses to be built, builders believed that there was little incentive to build small houses when they could sell all the larger ones they build. Cther factors influencing rising prices are local government regulations controlling development of land and building code requirements. many communities seen to have adop..ed strict land development requirements because no national standards exist for communities to use. Some builders do not use less expensive mater-als or methods because of personal preference, familiarity with a particular method or material, or consumer demand. Recommendations: The Secretary of Housing and Urban Development should: initiate a research project to determine the types and sizes of less expensive new houses more median-incom@ families can afford and would be willing to purchase; develop alternate approaches to encourage the building of less expensive new houses through incentives such as tax credits or insuring loan.; perform a study to determine the impact that changes in the

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