Top 20 Metros Where Job Growth is Outpacing New Housing Supply

Top 20 Metros Where Job Growth is Outpacing New Housing Supply

A new report from Roofstock reveals the top 20 metros where job growth is outpacing the supply of new housing.  They say in a normal market, there’s typically a six-month supply of houses.  However there has been a “perfect storm of factor”s since 2020 (including record-low mortgage rates, more mobility for remote workers, etc.) that has caused widespread housing shortages from busy metropolitan areas like Los Angeles to small cities in the middle of Indiana or Michigan.

To come up with their list, Roofstock looked at recent metro data from the U.S. Census Bureau’s Building Permits Survey and the Bureau of Labor Statistics’ employment data-set to calculate how many new single-unit housing permits were issued compared to how many new jobs were created in the span of a year, between August 2020 and August 2021.

“Housing shortages have led buyers and investors to pull out all of the stops in order to land housing contracts, making the market even more competitive. Many sellers, on the other hand, have reaped the benefits of getting multiple offers over the asking price.”

The top 20 markets are:

1. Hickory-Lenoir-Morganton, NC
2. St. Cloud, MN
3. Utica-Rome, NY
4. Modesto, CA
5. Lancaster, PA
6. Peoria, IL
7. Oxnard-Thousand Oaks-Ventura, CA
8. Duluth, MN-WI
9. Santa Maria-Santa Barbara, CA
10. Springfield, IL
11. Lansing-East Lansing, MI
12. New York-Newark-Jersey City, NY-NJ-PA
13. Erie, PA
14. Los Angeles-Long Beach-Anaheim, CA
15. Urban Honolulu, HI
16. Elkhart-Goshen, IN
17. Pittsburgh, PA
18. Rochester, NY
19. Allentown-Bethlehem-Easton, PA-NJ
20. Champaign-Urbana, IL

Click here to read the full report at Roofstock.

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