It’s hard to understand the real estate market if you aren’t familiar with the terms and trends. But one thing that’s easy to see is the big picture. That being that housing has become more available in the last 30 years. A new analysis reveals just how much housing has grown in the U.S. and even provided a state-by-state breakdown.
Housing availability increased by over 36% between 1990-2019. Some states saw a major boom during that time as well, including Nevada, which had a whopping 147.79% increase during that time frame. Other states that saw an abundance of growth were Utah, seeing an over 89% increase, and Arizona, seeing an over 85% increase.
The analysis also shortened the time frame to show housing increases between 2010-2019 and it’s no surprise that the figures were much smaller. The U.S. was just shy of 6% in housing growth during this time. During the time frame, North Dakota saw the highest percentage of increase among the states (19.45%), with Utah (15.45%) and Texas (12.88%) following.
Looking at the current availability per capita, Utah is once again a top dog, with 2.83 units per capita. This, compared to the national average, 2.35. States seeing some of the lowest available units include Maine (1.79), Vermont (1.84), and West Virginia (2.00).
The analysis also dug deep into select trends, finding which states had the highest rates of homes built by decade and when the most homeowners moved to each state by the decade. You can find more on those trends here.
In conclusion, it’s easy to see that the country’s housing has grown over the last 3 decades. And according to this data breakdown, it’s safe to say that we can thank Nevada for that.