WRE NEWS

The U.S housing shortage reached 4.5 million homes in 2022, according to a new data analysis from Zillow, up from 4.3 million in 2021.

Zillow determined there were roughly 8.09 million “missing households” – individuals or families living with nonrelatives – during 2022, with only 3.55 million housing units available for rent or for sale.

The U.S housing shortage reached 4.5 million homes in 2022, according to a new data analysis from Zillow (NASDAQ:Z, ZG), up from 4.3 million in 2021.

Zillow determined there were roughly 8.09 million “missing households” – individuals or families living with nonrelatives – during 2022, with only 3.55 million housing units available for rent or for sale.

“The simple fact is there are not enough homes in this country, and that’s pushing homeownership out of reach for too many families,” said Orphe Divounguy, senior economist at Zillow. “The affordability crisis extends to renters as well, with nearly half of renter households being cost burdened. Filling the housing shortage is the long-term answer to making housing more affordable. We are in a big hole, and it is going to take more than the status quo to dig ourselves out of it.”