Apr 15, 2024 - Real Estate

DMV isn't building enough homes to ease housing crunch, per Post study

A string of colorful rowhomes in Washington, D.C.

Photo: Jeffrey Greenberg/Universal Images Group via Getty Images

The DMV isn't on track to add the homes necessary to keep up with the region's growth, per a Washington Post study.

Why it matters: More houses would help alleviate Washington's tight real estate market and the high prices and competition that accompany it.

The big picture: The Metropolitan Washington Council of Governments said in 2019 that 320,000 new homes needed to be built in the region over the next decade, which breaks down to more than 87 per day.

  • But so far, the area's on track to produce only 218,350 units by 2030 — 68.2% of its goal, the Post found.

Zoom in: Out of all the local jurisdictions, only D.C., Alexandria, Arlington County, and Falls Church are on track to meet their share of the 320,000 goal.

  • Fairfax County is only at 36% of its target goal, while Montgomery County is at 56%; Prince George's County is at 50%, and Fairfax City is at 58%.

Context: Officials said the pandemic's impact on the economy and higher interest rates have caused the lag, as has a shortage of construction workers.

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