The Biden administration faces a critical task in addressing the affordable housing crisis. In 2023, home-buying affordability reached a record low, with housing costs taking up 41.4% of the median income, according to Redfin.
President Biden supports bills like the Neighborhood Homes Investment Act, targeting the construction of 500,000 starter homes in under-resourced communities within the next decade. Yet, the question lingers: will these efforts suffice to resolve the issue and meet the needs of American home buyers?
The affordability crisis results from surging home prices, exceeding 30% of income, increased mortgage rates, and limited housing inventory due to declining construction.
The White House recognizes housing affordability as a priority. Lael Brainard, U.S. National Economic Council director, deems it crucial, and President Biden supports bills and launched a Housing Supply Action Plan to address barriers to affordable housing development.
However, the persistent challenge of housing supply spans administrations. Effective action is essential, as affordable housing is fundamental for achieving life goals. While commendable, the Biden administration's efforts require further action at all government levels to ensure broad access to quality, affordable housing for all Americans.
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