Knoxville’s housing market defied all expectations in 2020, turning in one of its strongest years for home sales on record. But a historic supply shortage dating back to the ’08 financial crisis meant many potential gains were lost — and many continue to go unrealized today.
For the past decade, a chronic undersupply of housing and rising prices represented considerable challenges for Knoxville’s many aspiring home buyers. The recent pandemic-induced recession, which data show disproportionally impacted low-wage workers, only increased affordability concerns.
Taken together, these unfortunate economic realities have left countless lower income and first-time buyers facing even greater obstacles to achieving the American Dream of homeownership — and the reliable mechanism for wealth building it provides.
With housing at the forefront of public debate, it’s imperative that local leaders and elected officials recognize the…