The U.S. housing shortage recently grew to a record 4.7 million homes, fueling an affordable housing crisis that’s pricing families out of the American dream, according to a new Zillow analysis.
The real estate website examined the latest census data and found the nation’s housing deficit grew by 159,000 homes in 2023 despite a homebuilding surge over the past five years.
While that’s less than the housing deficit increased in 2022, when it rose by 257,000 homes, the growth shows the pandemic construction boom hasn’t been enough to narrow the gap.
“The unfortunate fact is that we still don’t have enough housing in this country for people who need it,” Orphe Divounguy, senior economist at Zillow, said in the report.
The shortage is driving an affordability crisis that is pushing millions of families to double up and live with nonrelatives.
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Author: Faith Novak
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