On the move: Which cities have the biggest housing shortage?

Which U.S. cities are facing long term housing shortages? Our latest migration flow analysis explains.

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Anna Zhou

August 2023

Key takeaways

  • We identify which cities in the U.S. are more likely to have the biggest longer term housing shortages by analyzing near real-time migration flows based on the Bank of America internal data and total housing stock. Our analysis suggests that in 2Q, San Antonio, Dallas, and Orlando have the most constrained housing supply as buoyant labor markets continue to attract people.
  • On the flip side, St. Louis, Detroit and Miami seem to have the highest housing stock relative to their population. The good news is that cities with lower housing supply are already seeing higher construction trends, but if the current population dynamics are maintained there will continue to be a strong housing need in the growing parts of the country.
  • Looking more broadly at population flow, Bank of America internal data suggests that in 2Q, 13 out of the 27 Metropolitan Statistical Areas (MSAs) we track continue to see positive year-over-year (YoY) growth in population with Jacksonville and Columbus leading the gain. Charlotte, Nashville, and Las Vegas saw accelerating pace of increase in residents than in 1Q.

Read our full analysis for a more in-depth look at these trends.