Texas is among the U.S. states experiencing the biggest shortages of housing units, and the situation here is getting worse, a new study shows. Texas needed 320,000 more homes than it had in 2022, the most recent year for which data is available, according to an analysis by Up For Growth, a national housing policy organization. Despite booming construction, that's a bigger gap than the state experienced the year before, when it was 306,000 homes short.
Housing shortages lead to higher home prices and rents. While Texas' prices dipped slightly this summer, the median home cost jumped nearly 40% between 2019 and 2023, according to state data.
The U.S. built more single-detached homes in 2022 than in any of the 15 prior years, and new apartment construction hit its highest level since 1987, according to the report. Even so, permits for new apartment complexes fell in 2023 and continue to decline due to high interest rates and rising construction costs.
Texas is among the U.S. states experiencing the biggest shortages of housing units, and the situation here is getting worse, a new study study shows.
Texas needed 320,000 more homes than it had in 2022, the most recent year for which data is available, according to an analysis by Up For Growth, a national housing policy organization. Despite booming construction, that's a bigger gap than the state experienced the year before, when it was 306,000 homes short.
Housing shortages lead to higher home prices and rents. While Texas' prices dipped slightly this summer, the median home cost jumped nearly 40% between 2019 and 2023, according to state data.
The U.S. built more single-detached homes in 2022 than in any of the 15 prior years, and new apartment construction hit its highest level since 1987, according to the report. Even so, permits for new apartment complexes fell in 2023 and continue to decline due to high interest rates and rising construction costs.
Up For Growth's report singles out Houston, which produced 66,000 housing units in 2022 but still failed to keep up with demand. The new housing stock accounted for just .83 units for each new Houston household formed that year.
As result of the backlog, median home prices in Harris County, where Houston is located, jumped 43% from 2018 to 2022, according to the study. However, Texas is far from alone in struggling with a housing shortage, according to the report. All 50 states are experiencing housing underproduction, and the problem worsened in 24 states between 2021 and 2022. The average state had a deficit of?75,000 homes in 2022, according to Up For Growth.
