In 2024, the housing shortage in the U.S. reached 4.7 million homes, and since then it has held steady. While the housing shortage hasn’t improved, it also hasn’t gotten any worse. According to real estate marketing platform Zillow, the U.S. housing shortage has grown for more than a decade, decelerating over the last few years before finally stabilizing in 2025 and 2026.

Before stabilizing, the deficit decelerated for several years

From 2023 to 2024, the housing deficit grew by just 43,000 homes, the smallest annual increase since before the COVID-19 pandemic. Comparatively, the deficit grew by 257,000 homes in 2022 and then by 159,000 in 2023.

However, some metros still have strong housing deficits

Even with the national picture stabilizing, the deficit remains heavily concentrated in the country’s most expensive markets. Boston has the most significant deficit. In that metro, there are more than five families doubling up for every home available to rent or buy. Likewise, in San Diego, there are approximately 4.7 families doubling up for every home available, and in Salt Lake City, it’s 4.2 families.