Recently, the overall housing construction has not been up to pace with the population growth in the U.S.- this has been going on for more than an entire decade! To prevent shortages from happening across the nation, all builders will need to consider the fact that they will need to construct 7.3 million more homes, according to a new report. “The Up for Growth National Coalition, a group of real estate developers, owners, and builders of affordable housing, finds that since 2000, builders in about 22 states and the District of Columbia have not constructed enough homes to sustain population growth.”
Meanwhile, Utah and Arizona are battling housing shortages; the report states that the current problem is that there is a “strong buyer demand among retirees and other growing population groups rather than too few buildable lots.”
California is the most in need of new housing, having built 3.4 million fewer homes than necessary to support its population during this time period, the report notes. Other states are also grappling with a shortage of buildable lots, labor, and materials.
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Currently, new home construction for every household is getting towards an all time low- the lowest in the past 60 years! Although, some of the economists are more aware about the findings in the referenced reports, stating that most of the people who are have trouble finding a new home will be more opt to seeking other living arrangements- for example, people were moving in with their family members or even getting roommates. “They also might decide to move to areas where homes are more abundant, prompting a population shift, the Journal reports.”
