we're working on a multifamily development of 525 square foot one-bedrooms in rural Ohio outside of Cincinnati and looking at ~$130k per unit, which doesn't take into account land costs
we do have to pay Davis-Bacon wages and the costs include the community space, but the point remains, and that gets economies of scale at 56 units
steel prices are way up with the trade war; hurricanes have really hurt the lumber market; immigration policy, the 2008 crash, and low unemployment have dried out the labor market -- construction is expensive