Estimates of the national housing shortage vary wildly. Is the shortfall as low as 1.5 million units, as high as 7 million , or is there actually no shortage at all?

A new report from Moody’s Analytics aims to settle the question by zooming in on thousands of census tracts — the small, statistical areas used to keep up with population trends — to show which are underserved, and where there is already more than enough housing.

The analysis, “ Bringing the Housing Shortage Into Sharper Focus ,” concludes there is a national deficit of 2 million homes, with Georgia and other Southern states experiencing some of the most acute shortages, and the middle-income rental market hardest hit.

“The imbalance between the nation’s housing demand and supply is much more localized than the na

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