Housing Shortage Grows Despite Construction Boom

According to a Zillow analysis, there is still a shortage of 4.5 million homes, up from 4.3 million the previous year, despite a construction boom caused by the pandemic. This shortage is a major factor contributing to the housing affordability crisis. In Metro Phoenix, the shortage reached 93,984 homes in 2022, reflecting an 8% year-over-year increase. Despite the construction of 1.4 million homes in 2022, there was an increase of 1.8 million U.S. families, indicating that there is not enough new housing to meet the growing demand. Experts are emphasizing the urgent need to reform zoning laws to allow for greater housing density, which is crucial for addressing the affordability crisis.
Source: https://azbigmedia.com/real-estate/the-u-s-is-short-4-5-million-homes-as-the-housing-deficit-grows/