US housing shortage is at least 10 million single-family homes, White House says

Investing.com -- The US has a shortage of at least 10 million single-family homes, according to a new report from White House economists, a higher figure than some previous estimates from the government and the private sector.

The Council of Economic Advisers' latest annual Economic Report of the President stated that if homebuilding and the growth of the single-family housing stock had continued at their historical pace instead of falling after 2008, there would be 10 million or more additional single-family homes today.

The government-controlled Freddie Mac said in November 2024 that the US was 3.7 million housing units short of what was needed based on demand from a growing population. The National Association of Realtors estimated in June 2021 that the shortage was 5.5 million units, based on tracking trends over the previous 20 years compared with construction rates from 1968 to 2000.

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