What Happened?

The United States has fewer homes available per person today than it did 25 years ago, even though the country added millions of new units. A new report from the Congressional Research Service, the nonpartisan agency that researches policy questions for Congress, found that housing units per capita fell three percent between 2000 and 2025, as population growth outpaced construction.

The number of existing homes on the market dropped from roughly 2.35 million in 2000 to about 1.3 million in 2025, even as the total number of housing units in the country grew 23 percent.

Why Does it Matter to Me?

Fewer homes available means more buyers and renters competing for the same properties, which pushes prices and rents up. The construction collapse that followed the 2008 financial crisis is a big part of why. Single-family home construction peaked at roughly 170,000 new homes per month in 2006, crashed to about 30,000 per month by 2010, and had only climbed back to around 60,000 per month as of 2025.

Manufactured housing, once a lower-cost option for many families, fell from roughly 15,000 units per month in 2000 to just 1,000 per month by the late 2000s and stayed there through 2025. Apartment construction has grown, rising from about 10,000 units per month in 2000 to roughly 60,000 per month in 2025, but the CRS report found that the gain has not been enough to close the gap.

Both Sides, Now

The Trump administration has pointed to federal policy tools as potential levers to boost housing supply, including tax policy, grants, trade rules, interest rates, and labor supply. Congress passed the 21st Century ROAD to Housing Act in July 2026 and increased the Low-Income Housing Tax Credit, a federal program that helps fund affordable apartment construction, through the fiscal year 2025 budget reconciliation law.

The CRS analysis found those steps could be offset by rising construction costs and labor shortages if broader policies, such as tariffs that raise the price of building materials and immigration enforcement that tightens the construction labor pool, remain unchanged. The report does not endorse any particular approach; it lays out the tradeoffs for lawmakers to weigh.

What Happens Next?

The Trump administration's ongoing decisions on tariffs, immigration enforcement, and housing finance programs will shape whether builders can ramp up fast enough to meet demand. Congress can also act through additional legislation or funding changes, but no specific vote is currently scheduled.

The report is available to all members of Congress and serves as a resource as lawmakers consider what, if anything, to do next.

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