Single-family homes go up in Irvine, California. A hot market only exacerbating existing housing shortages in 2020.
Photographer: Bing Guan/Bloomberg
The U.S. Doubled Down on its Housing Problems During the Pandemic
Even as construction of single-family homes booms, a new report paints a troubling portrait of racial and generational gaps in homebuying — and a severe lack of housing where it’s needed most.
It might sound surprising — with sky-high home prices, lumber shortages, and bidding battles in seemingly every corner of the country — but the U.S. has been on a bit of a homebuilding tear. Single-family home starts topped the million mark last year, the first time that’s happened since 2007, and apartment construction is approaching levels “last seen in the ’80s,” says Christopher Bruen, director of research for the National Multifamily Housing Council (NMHC).
Despite Covid-19, just over 389,000 apartment units began construction in 2020 — one of the best years since 1990. And at current rates, builders will start 446,000 units before 2021 is over.