America's Housing Shortage: Why Construction Boom Can't Keep Up
Despite a record-breaking year in US housing construction, the country's housing shortage continues to worsen due to a surge in demand from house-hunting families.
Housing ShortageConstruction BoomUs Housing MarketZillowReal EstateReal Estate NewsJun 20, 2024
In 2022, over 8 million groups or individuals were looking to form their own households, but only 3.5 million homes were available for rent or sale. This shortage has led to a multidecade low vacancy rate of 2.5%. The regions bringing in the most new residents, such as Austin, Seattle, Boston, and San Francisco, are experiencing some of the worst shortages in the country. To address this issue, construction needs policy support, including zoning reforms, reduced parking requirements, and an end to permit delays. Supporting housing trust funds is also crucial to unwind the pressures on the housing market.
Frequently Asked Questions
How many homes were added to the US housing market in 2023?
1.45 million homes were added to the US housing market in 2023.
What is the current vacancy rate in the US housing market?
The current vacancy rate is at a multidecade low of 2.5%.
Which cities are experiencing the worst housing shortages?
Cities such as Austin, Seattle, Boston, and San Francisco are experiencing some of the worst housing shortages in the country.
What policy changes are needed to address the housing shortage?
Policy changes such as zoning reforms, reduced parking requirements, and an end to permit delays are needed to address the housing shortage.
How many households were looking to form their own homes in 2022?
Over 8 million groups or individuals were looking to form their own households in 2022.
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