Housing is outpacing population growth, but there's a catch

"If people keep leaving blue states in favor of red states with cheaper housing and other necessities, the thinking goes, Democrats could find themselves in deep mathematical trouble in future elections based on updated census results. By the numbers: The number of housing units across the U.S. increased by 9.5% between 2014 and 2024, while the population grew by 6.7%, per U.S. Census Bureau data."

"High mortgage rates over the last few years have depressed supply in many markets. If you're a homeowner with an older mortgage locked in at 3% or so, the idea of moving into a new home at double that rate or more isn't exactly attractive. That means fewer existing homes are hitting the market as people sit pretty with their comparatively low rates."

"U.S. home prices rose nearly 50% from mid-2019 to mid-2025, per the National Association of Realtors. Stunning stat: Over the last five years, one in six prospective homebuyers has given up because they couldn't find a house they liked or could afford, a recent Bankrate survey found. The latest: Home prices are starting to fall in some areas, though experts warn not to expect a major nationwide cooldown just yet."

Housing units in the U.S. rose 9.5% between 2014 and 2024 while population grew 6.7%, driven by births, deaths, and migration. Movement from high-cost blue states to lower-cost red states could shift congressional apportionment. Affordability remains a central constraint as U.S. home prices climbed nearly 50% from mid-2019 to mid-2025. Elevated mortgage rates have constrained supply by keeping owners with low locked-in rates from listing and by increasing costs of new construction for mortgage-dependent buyers. One in six prospective buyers abandoned a purchase in the past five years due to affordability or lack of suitable homes. A bipartisan bill aims to boost construction, but legislative focus is weakened by a government shutdown.

Read at Axios