Charlotte Faces Shortage of Over 18,000 Homes
Source: AscentXmedia / Getty
Recent data from Zillow has highlighted a significant housing shortfall in the Charlotte area, with more than 18,000 homes needed to meet demand. This shortage is part of a nationwide deficit of 4.5 million homes, according to the same data based on 2022 figures.
In 2022, despite 1.8 million American families entering the housing market, only 1.4 million homes were constructed. The following year saw an additional 1.45 million homes built, yet the housing deficit remains a crucial factor in driving up home prices. This affordability challenge extends to renters, with nearly half facing cost burdens.
According to WBTV, the rise in mortgage rates, averaging 6.95% for 30-year fixed-rate mortgages as of June 13, has also deterred potential buyers. Rates fluctuated from a low of 6.6% in January to over 7% in May, impacting housing market dynamics nationwide.
