The number of multifamily households in the U.S. grew to 21.3 million in 2022 — a new all-time high, according to an analysis of Census Bureau data (Chart 1). Reflecting the impact of both increasing multifamily supply and high mortgage interest rates, the 5.0% increase in the pace of multifamily household growth in 2022 was the fastest on record since at least 2000.
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