Pennsylvania has nearly 100,000 fewer housing units than it needs. Experts say federal policy could help close the gap. Economists — and now both candidates running for president — say it’s critical the country finds a way to build more housing. “It’s supply and demand,” said Mark Zandi, chief economist at Moody’s Analytics. “If you get more supply, that reduces the price of whatever you’re increasing the supply of.” As of 2021, the Philadelphia metro area — which includes the suburbs and places like Camden and Wilmington — was short nearly 80,000 homes, according to a report released last year by the nonprofit Up For Growth. The same data showed the deficit for the Philly metro region was roughly 7,500 homes in 2012. The overwhelming majority of the missing homes are in the southeastern portion of the state. The shortage reflects a need to build new units but also to renovate existing ones. Pennsylvania has one of the oldest housing stocks in the country. As of 2022, the median age of housing was 57 years old, according to the Pennsylvania Housing Finance Agency. Read more about some of the proposals to tackle the issue here.
Source: PlanPhilly; 9/24/2024