The U.S housing shortage reached 4.5 million homes in 2022, according to a new data analysis from Zillow (NASDAQ:Z, ZG), up from 4.3 million in 2021.
Zillow determined there were roughly 8.09 million “missing households” – individuals or families living with nonrelatives – during 2022, with only 3.55 million housing units available for rent or for sale.
During 2022, 1.4 million homes were built, marking the best year for home construction since the early stages of the Great Recession. Unfortunately, the number of U.S. families increased by 1.8 million that year.
Zillow pointed to U.S. Census Bureau statistics that found roughly 1.45 million homes were completed in 2023, but added this did not bridge the housing gap.
“The simple fact is there are not enough homes in this country, and that’s pushing homeownership out of reach for too many families,” said Orphe Divounguy, senior economist at Zillow. “The affordability crisis extends to renters as well, with nearly half of renter households being cost burdened. Filling the housing shortage is the long-term answer to making housing more affordable. We are in a big hole, and it is going to take more than the status quo to dig ourselves out of it.”
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Maybe if the NAR collapses that’ll come quicker than you think
When you continue to allow more people in than we have housing for, rents will rise significantly. When you keep putting regs and permit prices on top of the inflation housing will go up. When the administration created high inflation the interest rates stop people from building. This is exacerbated by this inept administration