April 2023 and 2024 Housing Supply Shortage

There are several well known reasons why there is a housing shortage in the United States:
Population growth: The US population has been steadily increasing over the past several
decades. As a result, there is a growing demand for housing, particularly in urban areas where
population growth has been particularly high.


Lack of new construction: Despite the growing demand for housing, there has been a lack of new
construction in recent years due to a variety of factors. These include rising construction costs, a
shortage of skilled labor, and limited availability of land in desirable locations.


Zoning and land-use regulations: Zoning and land-use regulations can limit the amount of new
housing that can be built in a given area. These regulations can make it difficult or expensive to
build new housing in desirable locations, particularly in urban areas where demand is high.
Housing affordability: Many Americans are struggling to afford housing due to rising housing
costs, stagnant wages, and increasing income inequality. This has led to a shortage of
affordable housing, particularly for low-income and middle-income households.


Demographic shifts: Demographic shifts, such as an aging population and changes in household
composition, can also impact housing demand. For example, as more people age and retire,
there may be less demand for larger, single-family homes and more demand for smaller, more
affordable housing options.


In the US, there is a severe housing shortage that is complicated by a number of economic,
social, industrial, and political reasons. Increasing new construction, changing zoning and
land-use restrictions, and addressing housing affordability issues are likely to be necessary
components of a complex strategy to address the housing shortfall.


This is why the cost of a home will likely continue to rise in 2023 and 2024 due to the high
demand for housing in South Florida's important eastern cities.

Like this update? As your local real estate professional, I can provide more great tips like this and answer any real estate information questions you may have.

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JUAN MESTRE 

REALTOR ASSOCIATE 

RAISING THE BAR FOR REAL ESTATE SERVICES

CONSIDER: Since I'm not a lawyer but your neighbor Realtor Associate, you should consult an attorney and your CPA before making any decisions. If you wish to find your Home or to start your journey towards Home Ownership, Let’s start working together reach me at 305-776-5677 or register at www.juanmestre.com or email mestre.j@ewm.com. Sourced and digested from several locations including but not limited to: RisMedia for BHHS.com/blog, EWM Realty, Data from NAR & my knowledge