The Hill, May 1, 2024, Affordable Housing Crisis Looms Large In Election
A White House report released in March found that although incomes have doubled since 2000, housing prices have tripled, meaning the housing prices rose 50 percent faster than income over the past two decades. The median home price recently hit $383,725, a record high that’s up 5.2 percent from a year ago, according to the real estate company Redfin.
The average 30-year fixed mortgage rate has ticked back up above 7 percent as a recent run of strong inflation and economic data delays the timeline for the Federal Reserve to cut borrowing costs. The U.S. is also short nearly 4 million homes, according to a recent study by Up For Growth commissioned by the American Planning Association.
