3 Dividend Stocks Cashing in on the Housing Boom

According to the U.S. Census Bureau and the U.S. Department of Housing and Urban Development, building permits for privately owned housing units totaled 1,681,000 for the month of May. While this is a slight decline sequentially, it was a nearly 35% increase on a year-over-year basis. With this demand in building permits, the prices of lumber, copper and other building materials became very expensive. Prices for building materials have pulled back slightly, but still remain historically high as the housing boom continues.

The housing market in the United States has been booming over the past few years, with the market accelerating in recent times. Some of this has to do with pent up demand following the pandemic and the stimulus checks, which many consumers spent on improving their homes. Putting it all together, the following three dividend stocks will benefit greatly from rising home prices, and shareholders will benefit in turn through dividend growth and higher share prices down the road: Caterpillar (NYSE:CAT), Leggett & Platt (NYSE:LEG) and M.D.C. Holdings (NYSE:MDC).

Source: InvestorPlace

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