The need for affordable housing in the United States has never been greater. After a dizzying run-up in residential real estate prices and rents in the last few years, housing costs are putting a financial squeeze on renters and homebuyers nationwide as they compete for a scarce, expensive supply of housing.
Research from federal mortgage backer Freddie Mac estimates that the U.S. is short 3.8 million housing units relative to current market needs, while the National Association of Realtors pegs the figure even higher at 5.5 million units. Regardless of the precise number, it is clear that the U.S. housing supply is insufficient, creating more competition for fewer units.
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