What's Happening?
Zillow has identified over 300,000 empty lots for sale in the U.S. that could help alleviate the national housing shortage. These lots, each five acres or fewer, represent 17.4% of all for-sale listings. Building homes on these lots could reduce the housing deficit
from 4.7 million to 4.44 million homes, a 6.3% decrease. The typical lot is 0.57 acres with a median price of $79,000. Zillow suggests that loosening zoning rules and expanding access to financing could further reduce construction costs and uncertainty, potentially increasing housing availability.
Why It's Important?
The identification of these empty lots presents a significant opportunity to address the U.S. housing shortage, which has been a persistent issue for decades. By utilizing these lots, the housing market could see a substantial increase in available homes, easing pressure on prices and improving affordability. This initiative could benefit first-time homebuyers and those seeking affordable housing options. Additionally, expanding access to manufactured homes could provide faster and cost-effective solutions, further contributing to closing the housing gap.
