America is Building More 3-Car Garages Than 1-Bedroom Apartments

October 27, 2016 reports that according to figures from the National Association of Home Builders (NAHB), America is building more garages than one-bedroom apartments.

In a blog post, Robert Dietz, NAHB's chief economist, notes that 24 percent of new homes built in 2015 have garage space for three or more cars. That is the highest percentage since the US Census Bureau started tracking big garages since 1992. New homes with "garage mahals" outpaced the number of one-bedroom apartments built in every year except 2005.

In 2015 the Midwest had the largest share of glorious garages, showing 42 percent of new homes built that year could sleep three vehicles.

A study done by the Bipartisan Policy Center said the U.S. will need at least 43 million more housing units by 2050 to accommodate the expected population increase in the next 35 years. Bloomberg notes that between the current emphasis on ride-sharing and millennials deciding they don't need to own cars, we may create a garage glut in coming years.

Read more of Bloomberg's report here: