U.S. housing deficit grew to 4.7 million homes in 2023, study finds
The U.S. housing deficit expanded by 159,000 homes in 2023, reaching nearly 4.7 million, according to Zillow. While 1.4 million new homes were added last year, the number fell short of meeting demand from 1.8 million newly formed households.
The housing shortfall, rooted in a slowdown in construction following the 2008 financial crisis, continues to force millions of families to share homes with non-relatives. In 2023, 8.1 million families lived in shared housing, far outnumbering the 3.4 million homes vacant and available for rent or sale, according to Zillow.
The pandemic-era building boom helped slow the deficit’s growth — down from a 257,000-home increase in 2022 — but has not reversed it. Millennials, who account for 38% of families in shared housing, are the most affected. Gen Z follows at 29%.
California remains home to the worst housing shortages, with San Jose, San Diego, San Francisco, and Los Angeles all in the top five deficit-stricken metro areas. San Jose again ranked worst, with 75,408 families doubling up and only 19,030 homes available.
Read more: Zillow
The article presented here is intended to inform you about the broader media perspective on dentistry, regardless of its alignment with the ADA's stance. It is important to note that publication of an article does not imply the ADA's endorsement, agreement, or promotion of its content.