News (NWS) Prnewswire·2025-03-10 17:30Core Insights - The U.S. is facing a housing shortage of nearly 4 million homes due to over a decade of underbuilding, which is making homeownership increasingly unattainable for many Americans [1][4][6] - Realtor.com® has launched the "Let America Build" campaign to advocate for solutions that expand housing supply by addressing regulatory barriers and promoting pro-building policies [5][6] Construction and Supply Trends - In 2024, home completions reached 1.6 million, the highest in nearly two decades, with new construction activity outpacing household formations for the first time since 2016 [2][6] - Despite these gains, the nation still has a supply shortfall of 3.8 million homes, which is the third-largest annual gap since 2012, and at the current pace, it would take approximately 7.5 years to close this gap [2][7] Demographic Impact - Rising housing costs and limited availability have led many young adults, particularly Millennials and Gen Zers, to live with family or roommates, resulting in an estimated 1.63 million "pent-up" households that did not form in 2024 [3][4][6] Regional Analysis - The South experienced the most significant improvement in its housing gap, reducing it by 24.9%, although it still requires 1.15 million units [9] - The West saw a 13.4% reduction in its housing gap, while the Midwest only managed a 2.4% reduction, and the Northeast's gap widened by 1.2% [9] Industry Response - Realtor.com® is collaborating with industry leaders, policymakers, and housing advocates to push for actionable changes that will expedite home construction and address the housing crisis [5][6] - The company hosted discussions at the South by Southwest festival to explore innovative solutions for the housing supply and affordability crisis [10]