Realtor.com’s chief economist, Jonathan Smoke, explains that job growth has dramatically increased demand for housing in several metro areas, while supply has been stifled by tight regulations, exclusionary zoning, higher fees and high land costs. As a result, nearly 1 million new housing units are needed to meet the increased demand in order to make homes affordable for new residents in these areas.
Number of New Housing Units Needed
1. New York City, NY, at 218,541 new homes
2. Dallas, TX, at 132,482 new homes
3. San Francisco, CA, at 127,412 new homes
4. Miami, FL, at 118,937 new homes
5. Chicago, IL, at 94,457 new homes
6. Atlanta, GA, at 93,627 new homes
7. Seattle, WA, at 73,135 new homes
8. San Jose, CA at 69,042 new homes
9. Denver, CO, at 67,403 new homes
10. San Diego, CA, at 55,825 new homes
Total New Homes Needed: 965,861