The U.S. housing market continues to face a significant deficit, with estimates showing a rise of 159,000 homes in 2023. Construction has improved slightly, but it hasn't sufficiently closed the gap. Major urban areas like New York and Los Angeles exhibit the most severe deficits. The increasing cost of homeownership remains a barrier for many Americans, with required income to afford typical homes rising to $17,000 more than in 2019. Many families are living with non-relatives due to lack of affordability, highlighting the urgent need for local measures that promote housing density and affordability.
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.
This year, the housing deficit rose by 159,000 homes, a slower increase compared to the 257,000-unit jump in 2022, due to a spike in home construction.
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