Jan 2, 2024 - News
Miami is short on homes, keeping prices high
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Miami is short around 313,000 homes, according to figures global developer Hines shared with Axios.
Why it matters: America needs about 3.2 million more housing units, per the analysis, a big reason why prices are still high, Axios' Sami Sparber reports.
The big picture: There aren't enough homes to keep up with the increase in U.S. households.
What they're saying: "We're not going to overcome this deficit anytime soon just building single-family housing," Hines managing director Ryan McCullough tells Axios.
What we're watching: There's a wave of younger millennials and Gen Zers in the homebuying pipeline.
- "Where's the supply going to be?" chief economist Matthew Gardner at Windermere Real Estate asked at a November conference.
- "Could they build it? Yes. Will they build it? No," Gardner said, citing steep construction costs.