A Million Starts: Warren Buffett Speaks on Housing Market

by UrbanTurf Staff

A Million Starts: Warren Buffett Speaks on Housing Market: Figure 1

When Warren Buffett speaks, people tend to listen closely. And the ears of those following housing probably perked up recently when the so-called Oracle of Omaha gave his two cents as to what will fix the country’s housing market.

In a cover story for TIME magazine, Buffett was pretty straightforward about what he thought would do the trick — one million housing starts:

“Once we get back to a million housing starts per year” — the current tally is 685,000 — “I think pundits will be surprised just how fast unemployment will come down in this country,” he says. “There are 4 million people hitting age 22 every year in this country. Sure, you can double up on households for a while, but at some point, hormones kick in, and living with your in-laws loses its allure.”

This is not the first time that Buffett has mentioned one million starts as the key to a housing market revival. Back in August, he mentioned the same number on Charlie Rose’s show.

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