By AZ Mirror
Housing shortages have eased in most states since 2020, as new construction has made apartments and houses more affordable.
Connecticut, New Jersey and Rhode Island are the only states that have lost housing units per capita since 2020, according to a Stateline analysis of housing data released today by the U.S. Census Bureau. Most other states have built more than enough housing to account for population growth.
The increase in the supply of apartments helped drive down the nation’s median rent in April by 1.7% compared with the same month last year, according to a May report from Apartment List, a company that posts rental listings online.
Single-family homes also are starting to get more affordable, according to a May report from the National Association of Realtors. The group calculates “affordability” by calculating whether or not a typical family earns enough income to qualify for a mortgage on a median-priced, existing single-family home.
The improvement in affordability is especially dramatic in the South and Midwest, while affordability is lagging but improving in the West and Northeast.
