As if high home prices, rising interest rates, lower property tax deductions and a shortage of homes listed for sale are not enough, proposed tariffs on steel and lumber by the Trump administration will make it even more expensive to build new homes, according to the National Association of Realtors.
“Tariffs could measurably raise the cost of building materials and hinder home construction of affordable homes,” Lawrence Yun, chief economist of the National Association of Realtors, said in a statement.
Steel is used in the concrete flooring and foundations of most single-family homes. More of it is used in high-rise condo and apartment buildings, plus any dwellings over five floors. It’s also used in elevator shafts, parking garages, and many stairwells.