Housing Affordability Crisis

The current housing market is characterized by a severe lack of affordable options, primarily due to high home prices and elevated interest rates, making homeownership and renting increasingly unattainable. The situation has worsened since the financial crisis of 2008, which led to a halt in construction and a long-term shortage of housing stock. Estimates indicate that the U.S. is short about four million houses, contributing to an environment where individuals are spending significantly on housing, with renters typically plying 30% of their income. This crisis is further exacerbated by a sluggish new construction rate and a market in which many homeowners opt to stay put rather than sell, adding to the housing scarcity.