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.
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.
- The Details of President Biden's Proposed $213 Billion Housing Plan
- DC Home Prices Hit a Record High in May, But So Did Sales
This article originally published at https://dc.urbanturf.com/articles/blog/the-need-for-55-million-homes/18392.
Most Popular... This Week • Last 30 Days • Ever
The news anchor dropped the price for his sprawling DC home, but it still could set a... read »
There are five projects in the works around Audi Field which could bring nearly thous... read »
The storied unit along P Street is now looking for a new owner.... read »
DC is getting close to meeting Mayor Muriel Bowser's goal of producing 36,000 new ho... read »
The development pitched for the site of a Goodwill store in Arlington got the key app... read »
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!
Intro guides for first-time home buyers
Awesome and unusual real estate from across the DC Metro