To combat this deficiency, an Austin-based startup has proposed a solution of developing a house by using low-priced 3D printing.
Speaking to The Verge, one of the company's three founders, Jason Ballard, said competition is stiff in the emerging market of 3D printed homes.
Currently, it costs $10,000 to 3D print a home with the Vulcan 3D printer.
A spokesman for the firm said: 'History has been punctuated with advances in technology and materials that provide an order-of-magnitude decrease in cost and time required to build a new home.
A startup called ICON says it can make a 650-square-foot house using 3-D printing in 12 to 24 hours.
Recently some Americans also have chosen to downsize into smaller homes but these also cost almost $40,000 and are only between 200 and 400-square-feet in size.More news: RWE to acquire Eon's renewables business
Right now, about 1.2 billion people in cities around the world lack affordable and secure housing, according to a new report from the World Resources Institute Ross Center for Sustainable Cities, which equals about 330 million households. According to Alexandria Lafci, co-founder of New Story, the charity has also been 3D printing homes for communities in Haiti, El Salvador, and Bolivia.
The firm has teamed up with New Story, a nonprofit that invests in global housing, and plans to build around 100 new homes in El Salvador within the next 18 months. The printer gives out a custom blend of concrete that hardens as it's printed.
The team are looking for $600,000 for the next phase of research and development and also $400,000 of funding for 100 printed homes. "3D printing had been our on radar but it wasn't until we got connected to ICON that we felt it would be a feasible possibility".
As we've seen in cases both inside and outside of the construction sector, 3D printing offers many benefits other than just being very quick.
With 3D printing emerging throughout the construction industry, the technology is becoming a groundbreaking production tool for affordable and sustainable housing.
The printers can create a 3D structure using different materials, including food, cement.
After solving the vast housing and homelessness problems that plague the Earth, Ballard hopes to use 3D printing to help humans build homes in outer space. In the medical space, 3D printers are believed to be a panacea for creating cheaper prosthetics.