Hey there! Have you ever wondered how houses are built? 🏠 Well, they need lots of materials like steel, aluminum, and wood (also called lumber). But guess what? The prices of these materials might go up soon, and that could make homes more expensive in the United States!
What’s Happening?
The U.S. government has decided to put taxes called tariffs on steel and aluminum that come from other countries. A tariff is like a fee that companies have to pay to bring products into the country. That means steel and aluminum from other places will cost more.
Why Does This Matter?
These materials are used to build houses and make things like refrigerators and stoves. If the materials cost more, builders have to spend more money to build homes. That could make the price of new houses go up!
How Much More Expensive?
Some builders think that the cost to build a house could increase by up to $29,000! 😮 That’s a lot of money. One reason is that a lot of the wood used to build houses comes from Canada. If it costs more to get wood from Canada because of tariffs, then building houses becomes pricier.
Who Pays the Extra Cost?
In the end, it’s the people buying the houses who might have to pay more. That means families looking for a new home could find prices higher than before.
What Do Builders Say?
The National Association of Home Builders is worried. They say that making materials more expensive will make houses less affordable, especially for people buying their first home.
Why Can’t We Use Our Own Materials?
Some people suggest using more materials from the U.S. But cutting down trees and getting lumber is not easy or quick. It might take a long time to get enough materials, and it could still be expensive.
So, What Now?
No one knows for sure what will happen next. But many people hope that there can be solutions so that building homes doesn’t become too expensive. Let’s keep an eye on this and see how it affects future homebuyers!
Reference(s):
Who pays for tariffs? U.S. homebuyers likely to face higher prices
cgtn.com
