“We’re not delivering enough new houses to meet the demand,” Eppli said. “That’s been going on for a number of years, pretty much since the Great Recession.”
Compounding the shortage are aging baby boomers who are staying in their homes longer rather than moving into apartments or assisted-living facilities.
“It’s a relatively healthy generation,” Clark said. “You don’t have as many of those health-driven housing transitions taking place.”
The housing shortage has also created a sort of gridlock.
“There are individuals who’d like to get the equity out of their homes, but where would they go?” Hackney said. “The homes they might downsize to are the most competitive.”