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MCLEAN, Va. — March 5, 2020 — Freddie Mac today expanded previous research in a new report, The Major Challenges of Inadequate U.S. Housing Supply, by taking a closer look at the housing supply shortage on a state-by-state basis.
Years of underbuilding has created a large deficit, particularly for states with strong economies that attracted people from other states. Their construction deficit has partly sparked more Americans to move to more affordable interior states, which now need to build more housing units in order to accommodate growing populations.
“We are in the midst of a demographic tailwind, and we expect home purchase demand will remain strong well into the next decade as the peak cohorts of millennials turn thirty years of age in 2020 and beyond,” says Sam Khater, Freddie Mac’s Chief Economist.
“Simply put, new housing supply is not keeping up with rising demand,” says Khater – a point echoed by the National Association of Realtors® (NAR). “We estimate that the housing market is undersupplied by 3.3 million units, and the shortage is rising by about 300,000 units a year.”
Khater says that more than half of all U.S. states have a housing shortage, and the shortage is no longer concentrated in coastal markets as it spread to the middle of the country in more affordable states like Texas and Minnesota.”
© 2020 Florida Realtors®. All rights reserved. Reprinted with permission.
FROM THE STUDY
Toby Tobin: REALTOR®, SRES®
I'm a licensed Florida REALTOR®, SRES®, affiliated with Grand Living Realty in Palm Coast, Fla. As a real estate consultant to developers/builders, and as a journalist, I have years of experience and a treasure trove of relevant data and local knowledge. I help developers, builders, homebuyers, and sellers achieve improved fact-based outcomes.
Call me at (386) 931-7124 or email me at Toby@GoToby.com.
Listen to my radio show, Real Estate Matters, every Saturday morning right after the 11:00 A.M. news break on WNZF News Radio 1550 AM or 94.9 FM. Download the Flagler Radio App from the App Store so you can hear Real Estate Matters from anywhere in the world.