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U.S. Housing Market Needs Nearly 7 Million More Units to Meet Buyer Demand

Jul 06, 2021 by Aly J. Yale

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This gap placed severe strain on the single-family housing market and created a variety of issues, including an acute lack of inventory of homes available for sale, which in turn contributed to a rapid decline in single-family housing affordability and limited access to homeownership. While this underproduction of single-family housing contributed to numerous major challenges in the for-sale housing market, these issues were compounded by the fact that new multifamily construction also did not keep pace with historical trends, creating a growing housing supply shortage and exacerbating the affordability crisis across the United States.

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