Zillow says US housing deficit holds near 4.7 million units in 2024 as construction boom offsets demand
ZG•Deficits remained concentrated in high-cost metros
Deficits remained concentrated in high-cost metros:
- New York: 405,956
- Los Angeles: 344,533
- Boston: 147,028
- San Francisco: 132,116
Zillow says housing deficit stayed near 4.7 million units
Zillow says the US housing deficit held near 4.7 million units in 2024, rising 43,438.
Shortfall growth slowed sharply from 256,847 in 2022 and 159,063 in 2023, signaling supply roughly matched new demand.
Construction gains lifted housing stock and affordable listings
Housing stock increased about 1.4 million units, driven by multifamily completions hitting a 50-year high.
Nationwide affordable for-sale listings rose to 35.2% in May 2026 from 30.8% in May 2025.
