US housing deficit grew to 4.7 million despite construction surge
Zillow (NYSE:ZG) reports that America's housing shortage reached a record 4.7 million units in 2023, with the deficit growing by 159,000 homes despite robust construction activity. While 1.4 million new homes were added to the housing stock in 2023, this failed to match the formation of 1.8 million new families.
The analysis reveals that 8.1 million families are currently "doubled up," sharing homes with non-relatives, with Millennials representing 38% of these arrangements. The largest housing deficits are concentrated in major metros like New York (402,361 units), Los Angeles (338,750 units), and Boston (150,541 units).
Despite record construction levels of 1.45 million completed units in 2023 and 1.63 million in 2024, affordability remains a challenge. A median-income family now needs a $17,670 raise to afford a typical home compared to 2019 levels.
Zillow (NYSE:ZG) segnala che la carenza di abitazioni negli Stati Uniti ha raggiunto un record di 4,7 milioni di unità nel 2023, con un deficit in crescita di 159.000 case nonostante una forte attività edilizia. Sebbene nel 2023 siano state aggiunte 1,4 milioni di nuove abitazioni, questo numero non è riuscito a compensare la formazione di 1,8 milioni di nuove famiglie.
L'analisi mostra che attualmente 8,1 milioni di famiglie vivono in condizioni di "doppia occupazione", condividendo la casa con persone non parenti, con i Millennial che rappresentano il 38% di queste situazioni. I maggiori deficit abitativi si concentrano nelle grandi aree metropolitane come New York (402.361 unità), Los Angeles (338.750 unità) e Boston (150.541 unità).
Nonostante i livelli record di costruzione con 1,45 milioni di unità completate nel 2023 e 1,63 milioni nel 2024, l'accessibilità economica rimane una sfida. Una famiglia con reddito medio ora necessita di un aumento di $17.670 per permettersi una casa tipica rispetto ai livelli del 2019.
Zillow (NYSE:ZG) informa que la escasez de viviendas en Estados Unidos alcanzó un récord de 4,7 millones de unidades en 2023, con un déficit que creció en 159,000 hogares a pesar de una actividad constructiva robusta. Aunque se añadieron 1,4 millones de viviendas nuevas en 2023, esto no fue suficiente para igualar la formación de 1,8 millones de nuevas familias.
El análisis revela que 8,1 millones de familias actualmente están "duplicadas", compartiendo hogares con no familiares, siendo los Millennials el 38% de estas situaciones. Los mayores déficits de vivienda se concentran en grandes áreas metropolitanas como Nueva York (402,361 unidades), Los Ángeles (338,750 unidades) y Boston (150,541 unidades).
A pesar de niveles récord de construcción con 1,45 millones de unidades terminadas en 2023 y 1,63 millones en 2024, la asequibilidad sigue siendo un reto. Una familia con ingresos medianos ahora necesita un aumento de $17,670 para poder costear una vivienda típica en comparación con los niveles de 2019.
Zillow (NYSE:ZG)에 따르면 2023년 미국의 주택 부족이 사상 최대인 470만 가구에 달했으며, 강력한 건설 활동에도 불구하고 15만 9천 가구가 추가로 부족해졌습니다. 2023년에 140만 채의 신규 주택이 공급되었지만, 이는 180만 가구의 신규 가족 형성을 따라가지 못했습니다.
분석 결과 현재 810만 가구가 친척이 아닌 사람과 집을 공유하는 '이중 거주' 상태이며, 이 중 밀레니얼 세대가 38%를 차지합니다. 가장 큰 주택 부족은 뉴욕(402,361채), 로스앤젤레스(338,750채), 보스턴(150,541채)과 같은 주요 대도시에 집중되어 있습니다.
2023년 145만 채의 완공 주택과 2024년 163만 채의 기록적인 건설 수준에도 불구하고, 주택 부담능력은 여전히 문제입니다. 중간 소득 가구가 전형적인 주택을 구입하려면 2019년 대비 17,670달러의 임금 인상이 필요합니다.
Zillow (NYSE:ZG) rapporte que la pénurie de logements aux États-Unis a atteint un record de 4,7 millions d'unités en 2023, avec un déficit en augmentation de 159 000 logements malgré une activité de construction soutenue. Bien que 1,4 million de nouveaux logements aient été ajoutés au parc immobilier en 2023, cela n'a pas suffi à compenser la formation de 1,8 million de nouvelles familles.
L'analyse révèle que 8,1 millions de familles vivent actuellement en situation de "cohabitation forcée", partageant un logement avec des personnes non apparentées, les Millennials représentant 38% de ces cas. Les plus grands déficits de logements se concentrent dans les grandes métropoles telles que New York (402 361 unités), Los Angeles (338 750 unités) et Boston (150 541 unités).
Malgré des niveaux de construction records avec 1,45 million d'unités achevées en 2023 et 1,63 million en 2024, l'accessibilité financière reste un défi. Une famille au revenu médian a désormais besoin d'une augmentation de 17 670 $ pour pouvoir s'offrir un logement typique par rapport aux niveaux de 2019.
Zillow (NYSE:ZG) berichtet, dass der Wohnungsmangel in den USA im Jahr 2023 mit 4,7 Millionen Einheiten einen Rekord erreicht hat, wobei das Defizit trotz starker Bautätigkeit um 159.000 Häuser gewachsen ist. Obwohl im Jahr 2023 1,4 Millionen neue Wohnungen zum Bestand hinzugefügt wurden, konnte dies nicht mit der Entstehung von 1,8 Millionen neuen Familien Schritt halten.
Die Analyse zeigt, dass derzeit 8,1 Millionen Familien "zusammengepfercht" leben und Häuser mit Nicht-Verwandten teilen, wobei Millennials 38% dieser Arrangements ausmachen. Die größten Wohnungsmängel konzentrieren sich in großen Metropolen wie New York (402.361 Einheiten), Los Angeles (338.750 Einheiten) und Boston (150.541 Einheiten).
Trotz Rekordbauzahlen mit 1,45 Millionen fertiggestellten Einheiten im Jahr 2023 und 1,63 Millionen im Jahr 2024 bleibt die Erschwinglichkeit eine Herausforderung. Eine Familie mit mittlerem Einkommen benötigt jetzt eine Gehaltserhöhung von 17.670 $, um sich ein typisches Haus im Vergleich zu 2019 leisten zu können.
- None.
- Housing deficit reached all-time high of 4.7 million units
- 8.1 million families forced to share homes with non-relatives
- Median-income families need $17,670 more to afford a typical home compared to 2019
- Major metros facing severe shortages (New York: 402,361 units, Los Angeles: 338,750 units)
- Available homes for rent or sale decreased by 2.8% year-over-year
Insights
Zillow's data confirms worsening national housing crisis despite construction uptick, with deficit reaching 4.7M units and major affordability implications.
Zillow's latest analysis reveals America's housing deficit has reached a record 4.7 million units, increasing by
The construction sector has responded with output of 1.45 million units in 2023 and 1.63 million in 2024—the highest levels since 2007—but this still falls short of addressing nearly two decades of underbuilding since the Great Recession. Population growth continues to outpace housing creation, with 1.8 million newly formed families emerging against only 1.4 million new housing units added in 2023.
The affordability impact is substantial: a median-income household would now need a
Demographically,
The data demonstrates that regulatory barriers remain a significant obstacle to addressing the crisis, as markets with fewer building restrictions have shown faster supply responses and better price stabilization. This underscores Zillow's advocacy for zoning reforms to enable higher-density housing options like ADUs and multiplexes.
8.1 million families 'doubled up,' sharing their homes with people not related to them
- America's housing deficit grew by 159,000 homes in 2023, according to the latest Census data.
- Roughly 1.4 million new homes were added to the housing stock in 2023, but that number didn't keep pace with 1.8 million newly formed families.
- Millennials represent the largest generation of people sharing homes with non-relatives.
Construction boomed in response to high demand and price growth during the early years of the pandemic. But that hasn't been enough to keep up with the growing population, let alone undo nearly two decades of underbuilding that kicked off during the Great Recession.
"The unfortunate fact is that we still don't have enough housing in this country for people who need it. Construction has helped prevent the housing deficit from ballooning, but it hasn't yet begun to close the gap," said Orphe Divounguy, senior economist at Zillow. "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. While some people choose to live with roommates, most of these families would probably prefer their own place if one were available that they could afford.
While mortgage costs are slightly lower than last year nationwide, buying a home is still a stretch, especially for first-time buyers. A family earning the median household income could afford to buy a typical home in 2019 — now they would need a
Construction boom slows deficit increase, but hasn't stopped it
A home-building surge over the past five years has helped slow the growth of the housing deficit, but isn't reversing it. The housing deficit grew by 159,000 homes in 2023 — still an increase, but smaller than the jump of 257,000 in 2022.
The total number of homes in America grew by 1.4 million homes in 2023, up from 1.3 million added the year before. This includes new construction and subtracts units that were destroyed. While the total number of families also increased, fewer new families had to share a home compared to 2022.
Fewer building restrictions and more density are needed
Builders completed 1.45 million units in 2023, and that momentum continued in 2024, with 1.63 million units completed; both are records since 2007. Builders responded faster to the pandemic-era spike in demand in areas with fewer building restrictions, Zillow Research found. This has helped price and rent growth ease in those metros and balanced those markets faster than in places with more stringent regulations.
Experts overwhelmingly agree that relaxing zoning laws to raise density is one of the best ways to make housing more affordable. These measures have broad support among homeowners and renters. Even adding a modest amount of density in the country's largest markets could create millions of new homes.
That's why Zillow advocates in support of state-level initiatives that relax zoning requirements for affordable housing and 'missing middle' higher-density housing, including ADUs, duplexes and triplexes.
Millennials share housing with nonrelatives more than any other generation, making up
Among the 50 largest major metros,
Metro Area* | Housing | Change in Housing | Change in | Raise Needed for Median- |
4,699,836 | 159,063 | -2.8 % | ||
402,361 | 12,437 | -3.2 % | ||
338,750 | 2,022 | 0.9 % | ||
106,522 | 9,143 | -9.4 % | - | |
49,204 | 1,054 | 1.9 % | ||
20,164 | 136 | 2.3 % | ||
132,238 | (983) | -3.1 % | ||
81,448 | 8,580 | -4.7 % | ||
71,966 | 5,022 | -4.5 % | ||
66,323 | 780 | 2.6 % | ||
150,541 | (4,571) | 2.6 % | ||
98,703 | 4,719 | 7.8 % | ||
139,990 | (11,501) | 8.2 % | ||
85,087 | 8,099 | -5.6 % | ||
36,187 | 1,198 | 3.4 % | - | |
101,923 | (5,974) | 8.3 % | ||
73,059 | (4,501) | 6.2 % | ||
95,831 | 1,892 | 0.7 % | ||
33,200 | 1,858 | -0.2 % | ||
70,919 | (749) | 1.8 % | ||
40,644 | 3,836 | -12.3 % | ||
17,368 | 2,544 | -7.7 % | - | |
24,402 | 2,874 | 2.2 % | ||
22,098 | 3,507 | -2.9 % | ||
13,558 | (2,220) | 7.5 % | ||
70,485 | (1,799) | -0.9 % | ||
60,431 | (2,293) | 4.9 % | ||
15,420 | (212) | 0.7 % | - | |
32,025 | (256) | -1.6 % | - | |
63,210 | 1,878 | -0.1 % | ||
32,192 | 3,117 | -6.8 % | ||
27,923 | 344 | -5.9 % | ||
36,219 | 1,240 | -2.5 % | ||
15,005 | 330 | -6.1 % | - | |
13,774 | (1,609) | -1.0 % | - | |
56,378 | (1,178) | 5.2 % | ||
34,843 | (1,142) | -4.1 % | ||
19,887 | 1,044 | -7.6 % | ||
29,791 | 3,318 | -13.9 % | ||
13,243 | (1,007) | 10.8 % | ||
13,929 | (977) | 1.8 % | ||
11,605 | (2,365) | -5.1 % | - | |
11,096 | (635) | 3.3 % | ||
1,543 | (1,807) | 1.8 % | ||
15,245 | (1,118) | 8.5 % | ||
11,107 | 1,144 | -1.8 % | - | |
4,234 | 30 | 1.3 % | ||
33,258 | 3,078 | 0.2 % | ||
13,131 | (426) | -5.1 % | ||
17,194 | 1,993 | -12.6 % | - | |
5,966 | 1,925 | -13.5 % | - |
*Table ordered by market size |
About Zillow Group
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FAQ
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