Jan 2, 2024 - News

Miami is short on homes, keeping prices high

Existing housing units relative to population demand in the Miami metro area
Data: Hines analysis of Census Bureau and Moody's data; Note: Population demand is a theoretical housing demand metric based on long-term household formation and homeownership rates by age cohort; Chart: Axios Visuals

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.
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