Why is housing in the U.S. so expensive?

How did we get here?

Before 2008, U.S. developers were building around 2.2 million homes a year. Today, they are building just under 1.43 million homes a year.

Economists estimate that we need 2 to 3 million more homes to meet the current housing demand and bring home prices back down.

Building America is a multimedia project examining the impact of labor shortages in residential construction on the U.S. housing market and the role immigrants have played in keeping the industry afloat.

Home Builders Institute

90 percent of single-family builders reported a shortage in skilled laborers

Experts estimate that The construction industry needs approximately 723,000 new construction workers yearly to meet demand.

National Immigration Forum.

roughly 30% of the construction work force are immigrants.