Here’s how many new homes it would take to fix the housing shortage:
Home construction hasn't caught up with household growth and has led to a shortage of nearly 4America’s housing shortage is definitely no secret. But just how bad is it? According to a new analysis from Realtor.com, the market needs a whopping 3.8 million additional new homes to fully meet consumer demand.
Meeting that demand? According to Vargas, that will require two things: First, Baby Boomers and Gen Xers will need to free up some of the existing housing supply. Even more important is that builders need to “make bolder moves and capitalize on a hungry waitlist of first-time homebuyers.” Fortunately, it seems builders are open to changing that. According to the recent Housing Market Index from the National Association of Home Builders, builder confidence is strong. In fact, toward the end of 2019, it reached its highest point in 20 months.
But it’s still not enough. According to Zillow data, for-sale housing inventory has officially hit its lowest point in seven years last month. And Realtor.com’s analysis shows it would take 12.5 starts per 1,000 households—and four or five years at that pace—to “get out of undersupply and back to equilibrium.”
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