According to a recent Zillow analysis, the US faces a shortfall of 4.5 million housing units, a deficit that continues to drive high prices for both homeowners and renters. Expanding multifamily housing - such as town homes, condos, and apartments - offers one of the most effective solutions for addressing this shortage and improving affordability.
The report ranked the Boston area fourth in the nation for such development, behind the New York City, Miami, and San Diego metro areas. The Hartford area also made the top 15 for large metros, landing at No. 5 with 68.3 percent of its newly authorized housing falling in the multifamily category.
Providence did not fare well, landing in the 39th spot - the bottom 15 out of 53 large metros - with 35 percent of its new housing approved being multifamily units.
In metro Boston, 68.6 percent of the new housing approved in 2023 was for multifamilies, according to a report Construction Coverage published on Nov. 6. That's welcome news in a region struggling with a deficit of properties on the market as well as high rents and home prices.
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