America's housing deficit held steady at 4.7 million units for the first time in years
Zillow research indicates the U.S. housing deficit stabilized at 4.7 million units in 2024, increasing by just 43,000 homes as multifamily construction hit a 50-year high. The stabilization represents a significant shift from previous years where the deficit grew substantially, yet the cumulative shortage remains the primary driver of the national affordability crisis.
Key figures
- Housing deficit total
- 4743274
- Housing deficit annual change
- 43438
- Multifamily construction peak
- 50-year
- National affordable listings share
- 35.2%
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