What's Hot: Mortgage Rates Fall Towards 6% Following Fed Cut
The Need for 5.5 Million Homes
✉️ Want to forward this article? Click here.
A new report out today quantifies the enormous housing shortage in the U.S. and calls on policy makers to fix it.
In the past two decades, residential construction fell 5.5 million units short of historical levels, according to a new report out from the National Association of Realtors. That shortage breaks down as follows: two million single-family homes, approximately one million units in buildings with two to four units and 2.4 million units in buildings with more than five units.
story continues below
loading...story continues above
To fix the shortage, the report says that builders need to construct 2.1 million new units a year for the next decade. To put that building pace into context, builders added 1.225 million new housing units, on average, each year from 2001 to 2020.
"The state of America's housing stock…is dire, with a chronic shortage of affordable and available homes [needed to support] the nation's population," the report asserts. "A severe lack of new construction and prolonged underinvestment [have led] to an acute shortage of available housing…to the detriment of the health of the public and the economy. The scale of underbuilding and the existing demand-supply gap is enormous…and will require a major national commitment to build more housing of all types."
To fix the shortage, the report calls for expanding the tax credit program for low-income and offering incentives to reduce regulatory limits on housing density in cities, among other things.
Similar Posts:
- The Details of President Biden's Proposed $213 Billion Housing Plan
- DC Home Prices Hit a Record High in May, But So Did Sales
See other articles related to: housing inventory, housing shortage, national association of realtors
This article originally published at http://dc.urbanturf.production.logicbrush.com/articles/blog/the-need-for-55-million-homes/18392.
Most Popular... This Week • Last 30 Days • Ever
Mortgage rate buydowns can be a good option for buyers who want to save money on inte... read »
Plans filed this week provide the latest look at the 106-key hotel in the works at an... read »
A plan to add another new residential building to the Friendship Heights pipeline is ... read »
The eight-bedroom, 35,000 square-foot home in McLean known as The Cliffs went under c... read »
The large new development would take the place of the Ballston One office building al... read »
- How Does a Mortgage Rate Buydown Work?
- A Look At Georgetown's New 100-Key Hotel Along The Canal
- Donohoe Files PUD For 127-Unit Development in Friendship Heights
- A $30 Million Sale? One Of The DC Area's Most Expensive Homes Finds A Buyer
- Updated Plans Filed For 328-Unit Development At Arlington Office Site
DC Real Estate Guides
Short guides to navigating the DC-area real estate market
We've collected all our helpful guides for buying, selling and renting in and around Washington, DC in one place. Start browsing below!
First-Timer Primers
Intro guides for first-time home buyers
Unique Spaces
Awesome and unusual real estate from across the DC Metro