Utah, with a shortage of over 61,000 homes
Utah, Idaho among top 10 states with most ‘severe’ housing underproduction
Housing market shortage sharpens in suburbs, small towns, report says
A new report issued Thursday found the U.S. housing shortage has “accelerated” in suburbs and small towns —a shift from earlier findings that revealed a housing crisis primarily centered in U.S. coastal and urban areas.
In order of severity, here are the top five states with the most severe housing underproduction, according to the report:
Utah actually made a sizable dent on its housing shortage in 2021, according to more local estimates, bringing it to 31,000 in 2021 compared to about 56,800 in 2017.
However, as homebuilding activity contracts amid today’s high mortgage interest rates, researchers now expect Utah’s housing shortage will worsen, likely to increase to over 37,000 units by 2024.
It’s also worth considering that even though states like Utah and Idaho continue to have a housing shortage problem like other states across the U.S., they’re also among the top states that have built the most housing over the past decade. Their housing shortages are largely due to the fact that they’re among the fastest growing states in the nation.
"A housing market that meets the needs of workers and families is a foundation for inclusive economic development, financial stability, and wealth-building opportunities."