The year 2023 marked the least affordable period for home-buying, with a record 41.4% of earnings being spent on housing costs.
Factors contributing to this crisis include high home prices, soaring mortgage rates, and limited housing inventory.
“A perfect storm of inflation, high prices, soaring mortgage rates and low housing supply caused 2023 to go down as the least affordable year for housing in recent history,” Redfin senior economist Elijah de la Campa said. (Trending: Could Taylor Swift Save Biden In 2024?)
President Biden has endorsed various affordable housing bills and action plans to address the issue, but the housing affordability crisis is expected to be a significant topic in the 2024 presidential election.
“President Joe Biden is clearly alert to the issue and its political importance. He has backed several affordable housing bills and action plans in 2023 — including the Neighborhood Homes Investment Act, which would produce 500,000 starter homes in under-resourced communities over the next decade,” the report noted.
Efforts to ease the crisis include bills to lower housing costs and increase access to affordable housing, as well as a Housing Supply Action Plan.
The lack of affordable housing could impact Americans’ ability to achieve life goals.
“Our first major priority is increasing the supply of affordably priced homes in order to lower housing costs,” Biden economic advisor Lael Brainard said.
“We are using every lever at our disposal — legislative proposals, our administrative authorities, our convening power, and our bully pulpit — to do so.”
“We must do more — at all levels of government and with partners across the housing landscape — to lower housing costs and ensure all Americans have access to affordable and quality housing. Congress should act.”
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