I just read something interesting about the housing crisis in the United States that probably many people don't fully grasp. The White House just released a report stating that there is a shortage of at least 10 million single-family homes in the country. The figure is significantly higher than what other agencies had estimated before.

The curious part is how they arrived at that number. Basically, they compared what would have happened if residential construction after 2008 had maintained the historical pace it had before the crisis. According to their calculations, we are talking about 10 million additional homes that simply were not built.

But here is where it gets interesting. Freddie Mac, which is a government-controlled entity, had a more conservative stance in November 2024. They estimated the deficit at 3.7 million units based on demand generated by population growth. Meanwhile, the National Association of Realtors estimated in 2021 that the deficit was 5.5 million homes when comparing 20-year trends.

In other words, there is quite a variation in the estimates. Some say 3.7 million, others 5.5, and now the White House comes with 10 million. Whatever the actual figure, it’s clear that there is a significant shortage of single-family homes.

What catches my attention is the timing. Washington is trying to show voters that it is doing something about it because housing prices have become a central issue. With the upcoming midterm elections on the horizon, housing affordability is probably one of the topics that will resonate the most. The housing shortage is not just a number in a report; it’s something that directly impacts the wallets of millions of Americans.