The need for affordable housing in the U.S. has grown due to the increase in residential real estate prices and rents. The insufficiency of housing units is estimated to be around 3.7 to 5.5 million units. Factors contributing to the shortage of housing include laws and regulations, NIMBY pressure, and rising labor and material costs. After the 2008 housing market crash, the U.S. underinvested in new residential construction. Housing growth varies by state with Mountain West and Texas states adding the most housing in the past 10 years.
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Insufficient US Housing Supply Worsens Competition, Increases Costs
