{"id":139710,"date":"2025-01-15T07:37:00","date_gmt":"2025-01-15T11:37:00","guid":{"rendered":"https:\/\/www.shortform.com\/blog\/?p=139710"},"modified":"2025-01-15T09:39:54","modified_gmt":"2025-01-15T13:39:54","slug":"us-housing-shortage","status":"publish","type":"post","link":"https:\/\/www.shortform.com\/blog\/us-housing-shortage\/","title":{"rendered":"The US Housing Shortage: Causes, Impacts, &#038; Solutions"},"content":{"rendered":"\n<p>What&#8217;s causing the current US <a href=\"https:\/\/www.shortform.com\/blog\/housing-shortage\/\">housing shortage<\/a>? What are the different ways it can be handled? <\/p>\n\n\n\n<p>An unprecedented housing shortage is undermining Americans\u2019 quality of life and the health of the economy. It\u2019s created a housing affordability crisis for both buyers and renters and exacerbated homelessness. <\/p>\n\n\n\n<p>Continue reading as we explore potential solutions as well as the potential impact of Trump administration policies. <\/p>\n\n\n\n<!--more-->\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-the-us-housing-shortage\">The US Housing Shortage<\/h2>\n\n\n\n<p>The United States is in the throes of an unprecedented housing shortage of <a href=\"https:\/\/www.nytimes.com\/2024\/12\/11\/realestate\/housing-market-2024-2025.html\" target=\"_blank\" rel=\"noreferrer noopener\">up to 4.5 million fewer homes than needed<\/a>, which inhibits <a href=\"https:\/\/www.shortform.com\/blog\/quality-of-life-meaning\/\">the quality of life<\/a> for millions of people and undermines communities and the broader economy. This severe shortage is <a href=\"https:\/\/www.pewtrusts.org\/en\/research-and-analysis\/articles\/2023\/08\/22\/how-housing-costs-drive-levels-of-homelessness\" target=\"_blank\" rel=\"noreferrer noopener\">creating an affordability crisis, driving up rents, and exacerbating homelessness<\/a>. It\u2019s been years in the making, and <a href=\"https:\/\/www.nytimes.com\/2024\/12\/11\/realestate\/housing-market-2024-2025.html\" target=\"_blank\" rel=\"noreferrer noopener\">experts are divided on whether it will improve in 2025<\/a>. <\/p>\n\n\n\n<p>Despite a pandemic-era construction boom, the US has failed to keep pace with demand. In 2022, while 1.4 million homes were built, <a href=\"https:\/\/zillow.mediaroom.com\/2024-06-18-The-U-S-is-now-short-4-5-million-homes-as-the-housing-deficit-grows\" target=\"_blank\" rel=\"noreferrer noopener\">the number of U.S. families increased by 1.8 million<\/a>, further exacerbating the deficit.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-the-impacts-of-the-housing-shortage\"><strong>The Impacts of the Housing Shortage<\/strong><\/h3>\n\n\n\n<p>The US housing shortage has far-reaching effects on individuals and the economy:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong><a href=\"https:\/\/www.shortform.com\/blog\/unaffordable-housing\/\">Unaffordable housing<\/a><\/strong>: <a href=\"https:\/\/www.pewtrusts.org\/en\/research-and-analysis\/articles\/2023\/08\/22\/how-housing-costs-drive-levels-of-homelessness\" target=\"_blank\" rel=\"noreferrer noopener\">Soaring home prices and rents<\/a> make it increasingly difficult for many Americans to secure affordable housing. Studies show that high rents drive homelessness, which reached a <a href=\"https:\/\/www.npr.org\/2024\/12\/27\/nx-s1-5241115\/us-homeless-hud-housing-costs-migrants\" target=\"_blank\" rel=\"noreferrer noopener\">record high of 770,000<\/a> people in 2024.<\/li>\n\n\n\n<li><strong>Financial strain<\/strong>: The median U.S. renter spends around 29.1% of their income on rent; 22.4 million households spend more than 30%, and 12.1 million spend more than 50%, according to a <a href=\"https:\/\/www.thezebra.com\/resources\/research\/renting-statistics\/#:~:text=In%202024%2C%20the%20monthly%20cost,Zillow)\" target=\"_blank\" rel=\"noreferrer noopener\">2024 Harvard study<\/a>. <\/li>\n\n\n\n<li><strong>Community stability<\/strong>: High housing costs force families to <a href=\"https:\/\/odphp.health.gov\/healthypeople\/priority-areas\/social-determinants-health\/literature-summaries\/housing-instability\" target=\"_blank\" rel=\"noreferrer noopener\">move frequently<\/a>, disrupting education and social connections. They can also make it hard for communities to<a href=\"https:\/\/www.habitat.org\/costofhome\/impact-housing-affordability-communities\" target=\"_blank\" rel=\"noreferrer noopener\"> retain essential workers<\/a> such as firefighters, teachers, and nurses, who can&#8217;t afford to live where they work.<\/li>\n\n\n\n<li><strong>Inflation<\/strong>: Housing costs account for <a href=\"https:\/\/econofact.org\/factbrief\/are-housing-costs-driving-inflation-in-2024\" target=\"_blank\" rel=\"noreferrer noopener\">36.3% of the Consumer Price Index<\/a>, significantly contributing to overall inflation and attitudes about the economy.<\/li>\n\n\n\n<li><strong>Economic growth<\/strong>: The shortage hampers economic activity related to moving and homebuilding (the latter typically contributes <a href=\"https:\/\/www.investopedia.com\/the-housing-shortage-is-hurting-almost-every-part-of-the-economy-8636226\" target=\"_blank\" rel=\"noreferrer noopener\">3% to 5% of GDP<\/a>).<\/li>\n\n\n\n<li><strong>Labor market<\/strong> <strong>challenges<\/strong>: Businesses <a href=\"https:\/\/www.investopedia.com\/the-housing-shortage-is-hurting-almost-every-part-of-the-economy-8636226\" target=\"_blank\" rel=\"noreferrer noopener\">struggle to attract workers<\/a> in areas with high housing costs, impacting local economies.<\/li>\n<\/ul>\n\n\n\n<p>(Shortform note: The housing slump is also affecting the <a href=\"https:\/\/www.shortform.com\/blog\/wp-admin\/post.php?post=139027&amp;action=edit\" target=\"_blank\" rel=\"noreferrer noopener\">home goods industry<\/a> because it&#8217;s leading to a decline in home renovation projects. The decrease means there are fewer new homeowners purchasing furniture and home decor, while existing homeowners are postponing major upgrades.)<\/p>\n\n\n\n<h4 class=\"wp-block-heading\" id=\"h-right-leaning-proposal\"><strong>Right-Leaning <\/strong>Proposal<\/h4>\n\n\n\n<ul class=\"wp-block-list\">\n<li><a href=\"https:\/\/www.theamericanconservative.com\/towards-a-conservative-housing-policy\/\" target=\"_blank\" rel=\"noreferrer noopener\">Deregulate and streamline<\/a> permitting processes to lower construction costs and speed up private sector development\u2014for example, loosen zoning restrictions in the suburbs.<\/li>\n\n\n\n<li><a href=\"https:\/\/www.politico.com\/news\/2024\/08\/09\/white-house-gop-housing-federal-land-00170616\" target=\"_blank\" rel=\"noreferrer noopener\">Open federal lands<\/a> for housing construction to increase supply. The federal government owns about 28% of US land, although the percentage is much higher in some states\u2014for instance, 63% in Utah and 80% in Nevada. Developers would have to commit to keeping some of the new housing affordable to the local population.<\/li>\n\n\n\n<li>Expand <a href=\"https:\/\/lbcmortgage.com\/tax-incentives-housing-development\/\" target=\"_blank\" rel=\"noreferrer noopener\">tax incentives<\/a> to encourage private investment.<\/li>\n<\/ul>\n\n\n\n<h4 class=\"wp-block-heading\" id=\"h-left-leaning-proposal\"><strong>Left-Leaning <\/strong>Proposal<\/h4>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Expand the Low-Income Housing Tax Credit (<a href=\"https:\/\/lbcmortgage.com\/tax-incentives-housing-development\/\" target=\"_blank\" rel=\"noreferrer noopener\">LIHTC<\/a>), which encourages private investment in affordable rental housing for low-income households.<\/li>\n\n\n\n<li>Provide more government funding for public housing and rental assistance. For example, in May the Biden administration announced <a href=\"https:\/\/www.hud.gov\/press\/press_releases_media_advisories\/hud_no_24_103\" target=\"_blank\" rel=\"noreferrer noopener\">$5.5 billion in federal grants<\/a> to states to develop affordable housing and address homelessness and housing costs.<\/li>\n\n\n\n<li>Expand <a href=\"https:\/\/www.whitehouse.gov\/briefing-room\/statements-releases\/2024\/07\/16\/fact-sheet-president-biden-announces-major-new-actions-to-lower-housing-costs-by-limiting-rent-increases-and-building-more-homes\/\" target=\"_blank\" rel=\"noreferrer noopener\">rent control measures<\/a> in high-cost areas to protect existing tenants.<\/li>\n<\/ul>\n\n\n\n<h4 class=\"wp-block-heading\" id=\"h-centrist-proposal\"><strong>Centrist <\/strong>Proposal<\/h4>\n\n\n\n<ul class=\"wp-block-list\">\n<li><a href=\"https:\/\/www.marketplace.org\/2024\/11\/08\/housing-shortage-homes-apartments-affordable-housing-strategies-zoning\/\" target=\"_blank\" rel=\"noreferrer noopener\">Reform zoning laws<\/a> and promote <a href=\"https:\/\/www.beankinney.com\/leveraging-public-private-partnerships-for-zoning-success-in-northern-virginia\/#:~:text=PPPs%20offer%20numerous%20benefits%2C%20including,%2C%20sustainability%2C%20and%20economic%20development.\" target=\"_blank\" rel=\"noreferrer noopener\">public-private partnerships<\/a> to allow for higher-density housing and mixed-use development.<\/li>\n\n\n\n<li><a href=\"https:\/\/www.marketplace.org\/2024\/11\/08\/housing-shortage-homes-apartments-affordable-housing-strategies-zoning\/\" target=\"_blank\" rel=\"noreferrer noopener\">Reuse commercial properties<\/a> for residential purposes, particularly in light of changing work patterns post-pandemic.<\/li>\n\n\n\n<li>Invest in infrastructure and <a href=\"https:\/\/www.americanprogress.org\/article\/incentivizing-housing-that-is-affordable-sustainable-and-transit-accessible\/\" target=\"_blank\" rel=\"noreferrer noopener\">public transportation<\/a> to make more areas viable for housing development.<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-what-s-already-being-done\"><strong>What\u2019s Already Being Done<\/strong><\/h3>\n\n\n\n<p>Current efforts to address the housing shortage at various levels of government include:&nbsp;<\/p>\n\n\n\n<h4 class=\"wp-block-heading\" id=\"h-states\"><strong>States<\/strong><\/h4>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Maryland&#8217;s<\/strong> <a href=\"https:\/\/dhcd.maryland.gov\/TurningTheKey\/Documents\/HB538-FAQ.pdf\" target=\"_blank\" rel=\"noreferrer noopener\">Housing Expansion and Affordability Act<\/a> aims to address the state&#8217;s 96,000 housing unit shortage by incentivizing affordability and targeting construction where it&#8217;s most needed.<\/li>\n\n\n\n<li><strong>Oregon<\/strong> passed a law <a href=\"https:\/\/www.vox.com\/policy\/24136266\/housing-states-affordable-rent-homes\" target=\"_blank\" rel=\"noreferrer noopener\">allowing fourplexes<\/a> in large cities and duplexes in mid-size cities without special permission.<\/li>\n\n\n\n<li><strong>Utah and Massachusetts<\/strong> are incentivizing multifamily housing construction near public transit.<\/li>\n\n\n\n<li><strong>California and Florida<\/strong> are making it easier to build residential housing in retail zones.<\/li>\n\n\n\n<li><strong>Maine and Vermont<\/strong> are facilitating the construction of accessory dwelling units (ADUs).<\/li>\n<\/ul>\n\n\n\n<h4 class=\"wp-block-heading\" id=\"h-cities\"><strong>Cities<\/strong><\/h4>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Minneapolis<\/strong> <a href=\"https:\/\/www.pewtrusts.org\/en\/research-and-analysis\/articles\/2024\/01\/04\/minneapolis-land-use-reforms-offer-a-blueprint-for-housing-affordability\" target=\"_blank\" rel=\"noreferrer noopener\">updated its zoning laws<\/a> to allow for more apartment construction near commercial areas and transit hubs. <\/li>\n\n\n\n<li><strong>Salt Lake City<\/strong> implemented a <a href=\"https:\/\/rpa.org\/work\/reports\/how-six-cities-are-creating-missing-middle-housing\" target=\"_blank\" rel=\"noreferrer noopener\">rezoning initiative<\/a> that: allows denser housing on single-family lots, increases height allowances for multifamily housing, and streamlines permitting for housing projects.<\/li>\n\n\n\n<li><strong>Portland<\/strong> modified land use regulations to enable the construction of more duplexes, triplexes, and fourplexes, and to promote diverse and affordable housing options.<\/li>\n\n\n\n<li><strong>Fremont<\/strong>, California created a multifamily zone with reduced minimum lot setbacks, greater maximum lot coverage, and lower on-site parking standards.<\/li>\n\n\n\n<li><strong>Houston<\/strong> <a href=\"https:\/\/www.mercatus.org\/research\/policy-briefs\/learning-houstons-townhouse-reforms#:~:text=In%20Houston%2C%20nearly%2080%2C000%20houses,compared%20to%20other%20US%20cities.\" target=\"_blank\" rel=\"noreferrer noopener\">reduced minimum lot sizes<\/a>, enabling the construction of 80,000 townhouses and increasing the availability of starter homes.<\/li>\n<\/ul>\n\n\n\n<h4 class=\"wp-block-heading\" id=\"h-federal-government\"><strong>Federal Government<\/strong><\/h4>\n\n\n\n<ul class=\"wp-block-list\">\n<li><a href=\"https:\/\/nlihc.org\/resource\/harris-campaign-releases-plans-lower-housing-costs\" target=\"_blank\" rel=\"noreferrer noopener\">The Biden-Harris administration<\/a> proposed a $20 billion innovation fund to support local housing supply solutions.<\/li>\n\n\n\n<li>The \u201cStop Predatory Investing Act\u201d aims to remove tax benefits for large investors acquiring single-family rental homes.<\/li>\n\n\n\n<li>The \u201cPreventing the Algorithmic Facilitation of Rental Housing Cartels Act\u201d seeks to crack down on algorithmic rent-setting software.<\/li>\n<\/ul>\n\n\n\n<figure class=\"wp-block-table\"><table><tbody><tr><td><strong>The Lumber Rollercoaster<br><\/strong><br><strong>Lumber prices <\/strong><a href=\"https:\/\/www.morningstar.com\/news\/marketwatch\/20240710285\/lumber-prices-are-at-record-lows-what-that-means-for-buyers-and-homebuilders\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>plummeted nearly 14%<\/strong><\/a><strong> <\/strong>last year, hitting a record low of $440 per thousand board feet in July 2024. This decline has continued a downward trend, with prices remaining <a href=\"https:\/\/www.nahb.org\/news-and-economics\/housing-economics\/national-statistics\/framing-lumber-prices\">under $400 per thousand board feet for over three months<\/a>\u2014the longest period at this level since 2019.&nbsp;<br><br>The current downturn contrasts with recent history. <strong>In May 2021, lumber prices had soared to an unprecedented <\/strong><a href=\"https:\/\/fortune.com\/2024\/06\/30\/lumber-prices-housing-post-pandemic-double-bubble-hangover\/\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>$1,514 per thousand board feet<\/strong><\/a><strong>,<\/strong> driven by <a href=\"https:\/\/www.stateforesters.org\/2021\/07\/15\/icymi-timber-prices-went-sky-high-but-forestland-owners-wont-see-a-windfall\/\" target=\"_blank\" rel=\"noreferrer noopener\">pandemic-related demand for new homes and renovations<\/a>, <a href=\"https:\/\/www.shortform.com\/blog\/global-supply-chain-issues\/\">supply chain disruptions<\/a>, and limited sawmill capacity.&nbsp;<br><br>The recent lumber price collapse\u2014a 75% drop from its peak, has caught many in the industry off guard. At the beginning of the year, brokers were <a href=\"https:\/\/markets.businessinsider.com\/news\/commodities\/lumber-prices-plunge-home-building-season-demand-falls-flat-2024-6\" target=\"_blank\" rel=\"noreferrer noopener\">optimistic about 2024<\/a>, anticipating strong demand for new housing in the US market. Instead, demand has been weaker than expected, and by mid-July the market had seen <a href=\"https:\/\/www.nahb.org\/news-and-economics\/housing-economics\/national-statistics\/framing-lumber-prices\" target=\"_blank\" rel=\"noreferrer noopener\">five straight weeks of falling predictions for future lumber prices<\/a>.<br><br>The plunging prices have created an oversupply of lumber and forced some sawmills to cut back production or close.<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-the-trump-administration\"><strong>The Trump Administration<\/strong><\/h3>\n\n\n\n<p>Experts say a second Trump administration could have mixed effects on the housing shortage. Based on recent statements and past policies, the administration\u2019s approach could include:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Deregulation<\/strong>: Trump has emphasized reducing government oversight, which could lead to <a href=\"https:\/\/www.excelms.com\/will-trumps-presidency-impact-the-2025-housing-market\/\" target=\"_blank\" rel=\"noreferrer noopener\">streamlined zoning laws and modified federal housing programs<\/a> but reduced consumer protections.<\/li>\n\n\n\n<li><a href=\"https:\/\/www.housingwire.com\/articles\/trump-housing-build-federal-land\/\" target=\"_blank\" rel=\"noreferrer noopener\">Opening federal lands<\/a>: Trump\u2019s campaign proposed opening up large tracts of federal land for housing construction to increase supply.&nbsp;<\/li>\n\n\n\n<li><strong>Investment incentives<\/strong>: Changes to tax policies and investment rules could attract institutional investors to the residential market, potentially increasing housing supply.<\/li>\n\n\n\n<li><a href=\"https:\/\/www.housingwire.com\/articles\/trump-tariffs-price-hikes-homebuilders\/\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>Tariffs<\/strong><\/a>: If Trump imposes or increases tariffs <a href=\"https:\/\/www.marketplace.org\/2024\/11\/04\/tariffs-trade-war-trump-election-taxes-import-duties-economy-taxes-china-mexico\/\" target=\"_blank\" rel=\"noreferrer noopener\">as promised<\/a>, the <a href=\"https:\/\/www.marketplace.org\/2024\/11\/22\/how-trumps-policy-proposals-could-affect-housing-prices\/\" target=\"_blank\" rel=\"noreferrer noopener\">price of construction materials (especially imported lumber) could rise<\/a>, leading to higher prices for new homes. However, an increase in domestic materials production could offset the need to import materials.<\/li>\n\n\n\n<li><strong>Deportation of immigrants<\/strong>: Documented and undocumented workers play a <a href=\"https:\/\/www.housingwire.com\/articles\/trump-housing-build-federal-land\/\" target=\"_blank\" rel=\"noreferrer noopener\">major role in the construction industry<\/a>, which already faces a labor shortage. Trump\u2019s proposal to <a href=\"https:\/\/www.politico.com\/news\/2024\/11\/18\/immigration-100-days-trump-executive-action-00189286\" target=\"_blank\" rel=\"noreferrer noopener\">mass-deport immigrants<\/a> could raise construction and renovation costs.<\/li>\n\n\n\n<li><a href=\"https:\/\/www.marketplace.org\/2024\/11\/22\/how-trumps-policy-proposals-could-affect-housing-prices\/\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>Tax cuts<\/strong><\/a>: Trump\u2019s tax cut policies could increase housing demand and, consequently, prices. Also, the Fed may be reluctant to cut interest rates because a combination of tariffs and tax cuts could fuel inflation.&nbsp;<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>What&#8217;s causing the current US housing shortage? What are the different ways it can be handled? An unprecedented housing shortage is undermining Americans\u2019 quality of life and the health of the economy. It\u2019s created a housing affordability crisis for both buyers and renters and exacerbated homelessness. Continue reading as we explore potential solutions as well as the potential impact of Trump administration policies.<\/p>\n","protected":false},"author":8,"featured_media":139712,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[81,275,24],"tags":[727],"class_list":["post-139710","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economics","category-politics","category-society","tag-articles","","tg-column-two"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v24.3 (Yoast SEO v24.3) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>The US Housing Shortage: Causes, Impacts, &amp; Solutions - Shortform Books<\/title>\n<meta name=\"description\" content=\"The US housing shortage has been years in the making. Here&#039;s a look at the impacts, current relief efforts. and potential solutions.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.shortform.com\/blog\/us-housing-shortage\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"The US Housing Shortage: Causes, Impacts, &amp; Solutions\" \/>\n<meta property=\"og:description\" content=\"The US housing shortage has been years in the making. 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