America's housing shortage grew to an all-time high of 4.7 million units in 2023, according to a new Zillow analysis of recently released U.S. Census Bureau data.
Roughly 1.4 million new homes were added to the housing stock in 2023; however, that number didn't keep pace with the 1.8 million newly formed families.
"The unfortunate fact is that we still don't have enough housing in this country for people who need it,ā Zillow Senior Economist Orphe Divounguy said in a statement. āConstruction has helped prevent the housing deficit from ballooning, but it hasn't yet begun to close the gap. We know what works: lower building restraints to allow for more density and less expensive housing. More of these measures at the local level can help get more homes built and begin to ease this outsize financial burden for millions of Americans."
In 2023, 3.4 million homes sat vacant and available for rent or for sale, according to Census data. Meanwhile, 8.1 million families shared their homes with people who weren't related to them.
Read the full report here.
