US Housing Shortage Grew to Record 4.7M Units, Zillow Says

US housing shortage grew to record 4.7M units, Zillow says

The pandemic homebuilding surge wasn't enough to narrow the housing deficit, according to a new Zillow analysis.

US housing deficit hits 4.7m as affordability, labor shortages stall progress

New housing supply is failing to close the gap as demand surges and entry-level affordability declines

US housing shortage hit 4.7 million in 2023

The U.S. faced a shortfall of 4.7 million homes in 2023 — the largest housing deficit on record — according to a new Zillow analysis of U.S. Census Bureau data. Persistent inventory shortages continue to drive the national housing affordability crisis, limiting access to homeownership and forcing millions of people to share homes with non-relatives. “The unfortunate fact is that we still don’t have enough housing in this country for people who n…