Syracuse Ranks Fifth In Housing Shortage Report

(MENAFN- ValueWalk) New research reveals the top 10 metropolitan areas with the highest ratio of house shortages in accordance with job growth.

• Syracuse, NY, is facing a significant challenge in its housing market, as indicated by its job growth-to-building permits ratio of 21.8.
  
• The other US metropolitan areas experiencing housing shortages include San Francisco, Springfield, Urban Honolulu, New York City, Boston, Miami, Chicago, New Haven, and Los Angeles.

Table of Contents show

metropolitan areas with the highest housing shortage

syracuse

new york city

san francisco

springfield

honolulu

a concerning trend Metropolitan Areas With The Highest Housing Shortage

Real estate site portlandrealestate.com analyzed data from the National Association of Realtors, US Census Bureau, and the Bureau of Labor Statistics, examining new job openings per one building permit to determine the housing shortages in metropolitan areas in 2022.

The job growth-to-building permits ratio represents the relationship between new job opportunities created and new building permits issued. Specifically, it indicates the number of new jobs generated for every building permit issued.

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For example, a ratio of 30 means that, on average, approximately 30 new jobs were created for each new building permit issued. For reference, the average job growth-to-building permits ratio for cities included in the study was 7.64.

Rank	M etropolitan areas	Job Growth-to-Building Permits Ratio
1	New York City, NY	31.4
2	San Francisco, CA	29.2
3	Springfield, MA	26.6
4	Urban Honolulu, HI	25.1
5	Syracuse, NY	21.8
6	Boston, MA	20.4
7	Miami, FL	20.2
8	Chicago, IL	19.5
9	New Haven, CT	19.3
10	Los Angeles, CA	18.3

Syracuse

Syracuse, NY, is dealing with a concerning housing shortage, evident from its job growth-to-building permits ratio of 21.8, the fifth highest in America. The ratio suggests that the city's job market is expanding, yet the rate of new housing construction fails to keep up with the demand.

New York City

New York City, NY, is facing a significant challenge in its housing market, as indicated by its job growth-to-building permits ratio of 31.4, the highest in the country. This high ratio highlights a concerning issue: a severe shortage of housing in the city.

The booming job market has resulted in a surging demand for housing, outpacing the construction of new residential units. As a consequence, housing costs have skyrocketed, making it increasingly difficult for residents to find affordable housing options.

San Francisco

One of the major issues plaguing San Francisco, CA, is the scarcity of housing, reflected in its job growth-to-building permits ratio of 29.2, placing it second in the ranking. The ratio points to a distressing situation where the job market is growing rapidly, while the construction of new housing units fails to keep pace with the demand.

Springfield

Springfield, MA, ranks in third place, also facing a pressing issue in its housing market, evident from its job growth-to-building permits ratio of 26.6. The ratio underscores a concerning trend of a potential housing shortage in the city. Despite a growing job market, the rate of new housing construction struggles to keep up with the demand for housing, so homes have become scarce.

Honolulu

Urban honolulu , HI, grapples with the fourth highest housing shortage in the country, as indicated by its job growth-to-building permits ratio of 25.1. The ratio highlights a significant discrepancy between job growth and the construction of new housing units. The demand for jobs in the city, particularly in sectors like tourism, military defense, and healthcare, outpaces the availability of affordable housing.

A Concerning Trend

A spokesperson for PortlandRealEstate.com commented on the findings:“The analysis reveals a concerning trend of housing shortages in the largest metropolitan areas across the United States. The ratio of new job openings per one building permit highlights the significant gap between job growth and housing construction.”

“Metros with growing job opportunities naturally have higher housing shortages than other metros. New York and San Francisco are the metros with the most acute housing need in the United States, with both having four times the average job growth-to-building permits ratio.”

This study was conducted by PortlandRealEstate.com, a real estate website that specializes in providing comprehensive information and analysis related to the Portland real estate market.

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