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There's a question I've had in the back of my mind for a long time now that I think just came out into the open reading your comment. There seems to be a common

There's a question I've had in the back of my mind for a long time now that I think just came out into the open reading your comment. There seems to be a common sentiment that we've under built. What does that mean? Does it mean less houses per family or less square footage per person or some other measure? Because I often see large, mostly-unoccupied houses when I go on vacation somewhere scenic, and it makes me wonder how large of an effect that that sort of thing might have on the market.

toomuchtodo 3y ago
https://www.fanniemae.com/research-and-insights/perspectives/us-housing-shortage https://www.fanniemae.com/research-and-insights/perspectives... https://www.fanniemae.com/media/45106/display https://www.fanniemae.com/media/45106/display > The causes of the housing supply crisis are widely understood. After the Great Recession, new home construction dropped like a stone. Fewer new homes were built in the 10 years ended 2018 than in any decade since the 1960s. By 2019, a good estimate of the shortage of housing units for sale or rent was 3.8 million. The pandemic-induced materials and labor shortage exacerbated the trend, however, as evidenced by the surge in rents and home prices in 2021.
- hotpotamus 3y ago
  Still, I wonder how much square footage of housing was built; not just units. I'm under the impression that the average house built in the 10's era is larger than one built half a century before which could mean that more housing is being built (by area or volume) and yet fewer units are available. I guess I'm one of those anti-consumerist, people-should-live-in-modest-housing malcontents, but I grew up in a family of four in a small house, and we got by no problem.
  - lotsofpulp 3y ago
    Yes, the housing construction metrics are not exactly comparable over time because constructing the tiny 1k sq ft or less houses on postage stamp lots probably became illegal in most of the US many years ago.
  - mandelbrotwurst 3y ago
    You're correct about the square footage, but it would be incorrect to assume that because we were able to build X million units of size Y that we could have built 2X million units of size Y/2. It is cheaper per square foot to build a larger house and many people like to live in big houses, so new construction has grown in footprint. Many people value efficiency only when doing so is necessary for them to afford energy and maintenance costs.

toomuchtodo 3y ago

https://www.fanniemae.com/research-and-insights/perspectives/us-housing-shortage https://www.fanniemae.com/research-and-insights/perspectives... https://www.fanniemae.com/media/45106/display https://www.fanniemae.com/media/45106/display > The causes of the housing supply crisis are widely understood. After the Great Recession, new home construction dropped like a stone. Fewer new homes were built in the 10 years ended 2018 than in any decade since the 1960s. By 2019, a good estimate of the shortage of housing units for sale or rent was 3.8 million. The pandemic-induced materials and labor shortage exacerbated the trend, however, as evidenced by the surge in rents and home prices in 2021.

hotpotamus 3y ago
Still, I wonder how much square footage of housing was built; not just units. I'm under the impression that the average house built in the 10's era is larger than one built half a century before which could mean that more housing is being built (by area or volume) and yet fewer units are available. I guess I'm one of those anti-consumerist, people-should-live-in-modest-housing malcontents, but I grew up in a family of four in a small house, and we got by no problem.
- lotsofpulp 3y ago
  Yes, the housing construction metrics are not exactly comparable over time because constructing the tiny 1k sq ft or less houses on postage stamp lots probably became illegal in most of the US many years ago.
- mandelbrotwurst 3y ago
  You're correct about the square footage, but it would be incorrect to assume that because we were able to build X million units of size Y that we could have built 2X million units of size Y/2. It is cheaper per square foot to build a larger house and many people like to live in big houses, so new construction has grown in footprint. Many people value efficiency only when doing so is necessary for them to afford energy and maintenance costs.