Jul 14, 2023 - Real Estate
Metro Detroit lags on new homebuilding
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Metro Detroit, which has a dire lack of affordable housing, is way below the U.S. average for new homebuilding.
By the numbers: Only 10.5 new homebuilding permits per 100,000 residents were issued here in May, up just slightly from 9.4 in May 2020 during the early months of the pandemic, per new Census Bureau data.
- But nationally, 42.3 new homebuilding permits per 100,000 residents were issued in May, up from 32.9 in May 2020.
Context: A post-pandemic nationwide housing shortage is helping to keep prices high.
- Recent estimates from Freddie Mac indicate the U.S. is short about 3.8 million units of housing, either for rent or purchase, Axios' Emily Peck reports.
Zoom in: Of the 459 total permits issued in May in Metro Detroit, 398 were for single-family homes, 23 for buildings with two to four units and 38 for those with five or more units.