Jun 26, 2023 - Business

Study: Raleigh's housing deficit nears 17,000 units

Zachery Eanes

Illustration of an upside-down house forming a downward-pointing arrow. — Illustration: Shoshana Gordon/Axios

The Raleigh metro needs upwards of 17,000 more homes, according to new research from Zillow examining the nation's housing market between 2015 and 2021.

What's happening: Zillow's study determined housing deficits by comparing the number of vacant housing units with the number of families that lived in a home they neither owned nor rented for themselves.

The majority of these households are single, lower-income adults, that are living with other families to be able to afford rent, Orphe Divounguy, a senior economist at Zillow, told Axios.

Why it matters: Raleigh's surging population has led to a significant housing shortage, driving up home prices and rents. And that growth isn't slowing down.

Of note: Numbers for the Durham metro area were not available.

Zoom out: Housing deficits were largest in the nation's biggest cities, like New York, San Francisco and Boston — all popular points of departure for Triangle newcomers.

What's next: Some help could be on the way, as the Triangle sees record amounts of apartment construction and a steady growth of new homes in the suburbs.

A lack of homes in the Triangle's largest cities has led municipalities to debate changing zoning laws in an effort to encourage more density in traditionally single-family neighborhoods.

Go deeper: The Triangle's growing debate around neighborhood zoning

Add Axios on Google

Study: Raleigh's housing deficit nears 17,000 units

More Raleigh stories