Zillow report: Denver is 'missing' 70K homes

A for-sale sign is seen outside a home in this undated file photo.(Getty Images)

DENVER (KDVR) – Based on the new report, Denver is among the cities with the most residents looking for a home.

New Zillow research, determined which metro areas have the most “missing homes,” defined as individuals or families living with nonrelatives. In short, “missing homes” were determined by the number of families likely seeking homes and the number of homes available for rent or sale.

Most recent data from 2022 showed 70,197 more “missing households” than available homes in the Denver metro area. Out of the top 50 metros with the largest markets, Denver ranks at No. 15, needing more homes than most other cities.

Out of the Denver households that don't own their home, 5.1% could afford a typical mortgage payment, which is below the nation's 15.1% who could afford a typical mortgage payment, according to the report.

“Missing homes” can affect the market price because, as the report explained, the housing market is based on supply and demand.

“When the number of people who want a home increases faster than the number of homes available, prices go up,” said the report

In total, the United States reports showed a housing shortage of over 4.5 million while other states were “missing” hundreds of thousands of homes.

New York City residents needed 400,000 homes while other big cities in demand, like Washington DC and Boston, were “missing” over 100,000 homes.

The report suggests changing rezoning laws that allow more housing units instead of detached homes.