Published by FOX Business | July 15, 2022
The U.S. homes deficit doubled from 1.65 million to 3.8 million between 2012 and 2019
Up For Growth, a non-profit committed to solving the United States’ housing shortage, is sounding the alarm on the nation’s underproduction of homes.
According to a study released by the organization on July 14, the U.S. homes deficit more than doubled between 2012 and 2019 from 1.65 million to 3.8 million.
In 2012, the nation’s affordability problem appeared to be concentrated on the coasts and in the Southwest. However, Up for Growth has identified a housing deficit in a total of 47 states and the District of Columbia as of 2019.
The study found that the average U.S. state had a housing deficit of 79,000 homes in 2019.
California led the housing gap with a shortage of 980,000 homes, followed by Texas with 322,000 homes, Florida with 289,000 homes and New York with 234,000 homes.
Other states with severe housing underproduction in 2019 included Washington, New Jersey, Colorado, Arizona, Illinois, Georgia, Massachusetts, Virginia, Minnesota, Oregon and Utah. Six new states added to the underproduction list since 2012 include Mississippi, Missouri, Nevada, Oklahoma, Rhode Island and South Carolina.
Housing underproduction affected 169 metropolitan areas in 2019, up from 100 in 2012. The deficit became more severe in 230 cities in 2019 compared to 2012.
Metro areas with the most severe housing underproduction in 2019 included Los Angeles, New York, Miami, Riverside (California), Washington D.C., Chicago, San Francisco, Phoenix, Atlanta and Philadelphia.
Only 25 metros experienced an improvement in underproduction, or a shrinking housing deficit, since 2012.
In order to help solve the housing shortage, Up For Growth has called for the adoption of its Better Foundation framework, which seeks to create more homes in areas with high economic mobility, access to jobs and existing infrastructure.