America is short 3.2 million homes: Report

There aren't enough homes to keep up with increased demand: Report
'We're not going to overcome this deficit anytime soon': Expert
High-end apartment construction has surged in recent years

Liz Jassin

Updated: Dec 18, 2023 / 11:32 PM CST

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(NewsNation) — America is short around 3.2 million homes, according to a report by Axios.

Essentially, there aren’t enough homes to keep up with the increase in existing households, and it’s contributing to why housing prices are still high.

Hines, a global real estate developer and investment company, shared the data with Axios after comparing the stock of existing homes with calculated housing demand. The analysis included all housing units excluding dorms and skilled nursing facilities.

“We’re not going to overcome this deficit anytime soon just building single-family housing,” Hines managing director Ryan McCullough told Axios.

The report noted that apartment construction surged in recent years, however the new homes are high-end buildings and not considered affordable, according to Axios.

Hines found that Greater New York and Los Angeles experienced the biggest housing deficits among 55 major markets.