Cities Hit Hard By Single-Family Housing Shortage
View Source | October 21, 2022 4:32 pm
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- The National Association of Realtors (NAR) released data showing which cities have been most affected by the single-family housing shortage in the U.S.
- The NAR’s housing shortage tracker compares supply and demand with the total number of permits issued for each new job. A balanced market will see one single-family permit issued for every two new jobs.
- NAR’s senior economist and director of real estate research said, “NAR’s housing shortage tracker is unique as job growth — instead of household formation — is used as a proxy to measure housing demand.”
- The New York City metro area was hit hardest by the single-family housing shortage, followed by Rockford, Ill., Springfield, Ill., San Francisco, and Boston.
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