St. Louis... 
New York... 
Chicago... 
Posted on 03/08/2023 7:39:10 AM PST by Diana in Wisconsin
The United States is not building enough homes to account for the number of people setting up their own households. As a result, there is a sizable shortage of new homes after more than a decade of under-building relative to population growth, according to a new analysis from Realtor.com released Wednesday.
The gap between single-family home constructions and household formations grew to 6.5 million homes between 2012 and 2022. However, this figure overstates the housing shortage, since new multi-family homes offer options both to buyers and renters. If multi-family construction is included — which is predominantly rental units — this gap is cut to 2.3 million homes.
In the decade between 2012 and 2022, 15.6 million households were formed. During the same time period, 13.3 million housing units were started, and 11.9 million were completed. This includes 9.03 million single-family homes and 4.2 million multi-family homes. Of those, only 8.5 million single-family homes and 3.4 million multi-family homes are completed.
In the second half of 2021, single-family homes were being both started and completed at the fastest pace in the last decade. The first part of 2022 continued the previous year's trend until mid-year, when mortgage rates surged as part of the Federal Reserve's historic campaign to rein in inflation. The housing market felt the impact of the ascent of mortgage rates, red-hot buyer demand cooled and builders started to pull back on single-family home starts.
"Cooling buyer demand and builder confidence led to slower single-family construction and a shift in builder focus to multi-family last year," said Hannah Jones, economic data analyst at Realtor.com.
(Excerpt) Read more at channel3000.com ...
The rate of overall housing starts slowed in 2022 while completions climbed. In 2022, roughly 1 million single-family homes were started, which is 10.6% fewer than in 2021, though still more than in any other single year back to 2012.
Well, 5 million illegal aliens can’t stay in tax payer funded hotels forever.
I’m curious to see what the Spring holds for the housing market (normally an upswing).
But wait, there's more. Space is opening up in a lot of blue cities as retail stores leave town. Lofts galore!
The existing housing is under pressure to be used by MILLIONS of ILLEGAL INVADERS.
St. Louis...
New York...
Chicago...
I am positive the correct number is closer to 66 million.
And that’s just in San Fransicko!!!
The article hyperventilates about this "gap" and offers very good figures on one side of the equation - housing starts - but never defines or explains their metric "household formations." Is it even a valid comparison?
Also, they seem to assume that every "household" should have a single-family home, which no doubt is a large bias in their thinking. I can imagine an association of realtors not supporting rentals, as that makes no money for them
yes. That is the reason they are invited in, make money, screw Americans. Bush was behind this and I don’t doubt Jeb would be too.
6.5 million housing units @ 2.5 people per unit = 16 million people.
So a full ONE THIRD of that 16 million is illegal invaders in the past two years alone.
Estimates vary, but most say we have 15 to 25 million illegal invaders in the country (probably a lot higher). So ALL of that housing shortfall is due to illegal invaders.
QED
Over the past two months here in northern New Jersey I have put in 6 offers that have gone to bid - in all cases the winning bidder paid 15%+ over list and in three cases paid cash. The insanity has been going on for three years now - little inventory and people bidding like crazy when a single family home comes on the market. Unfortunately in my part of the world, there is no place left to build out.
Kind of a cruel thing isn’t it...concentrate all of the most poor, needy and desperate in one place and let ‘er rip.
All cities are blue and believe it or not NYC remains extremely expensive to buy or rent and people do bid on townhouses even in crappy neighborhoods in the boroughs. Agree that there needs to be rezoning for more residences - BTW: lots of vacancies in office parks in “red” states as well and malls have been closing everywhere for the past 15 years as more people work and shop from home.
The mass deportations beginning in early 2025 should take care of much of the shortage.
I have should have said, “hardcore Woke cities” (like Portland) instead of blue cities b/c you are correct...all cities are blue.
6.5 million is about the number of immigrants that enter this country each year. Notice that the number of American homeless people are not mentioned. I guess there is no shortage of tents although it’s getting a little crowded at the freeway interchange.
I am not buying this. Between inflation and a poor jobs market prospective homebuyers are delaying/deferring home purchases until the economy improves. Also home prices are overinflated which will depress the market. A change in Government administrations in 2024 will begin a rationalization of markets. Until then save your money and hunker down.
Yep. Cabrini Green was a Mecca, I tell you. That worked out SO well.......err, uh.....wait...
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.