U.S. Housing Records 5.5 Million Unit Deficit

Source: NAR

The United States added 5.5 million housing units less in the last two decades than in previous years, according to the National Association of Realtors.

• American builders added an average 1.225 million new housing units from 2001 to 2020.
• The figure is 275,000 units lower than the average 1.5 million new units from 1968 to 2000.
• The deficit is composed of 2 million single-family homes, 1.1 million units in buildings with two to four units, and 2.4 million units in buildings with at least five units.
• Home construction starts from 2010 to 2020 were 6.8 million units lower than needed to meet housing growth to offset old and destroyed units.
• Some 90% of builders said they experienced shortages in appliances and framing lumber in May.
• Rosen Consulting Group Senior Vice President said the figures indicate a large problem and reinforces the need for affordable single-family and multifamily housing.
• The report was prepared by Rosen for the NAR.