Housing Affordability Crisis Frustrates Voters As High Prices Outpace Wages

The US is facing a severe housing affordability crisis that is hurting homeownership rates and frustrating many voters. Home prices and rents are very high while wages haven't kept pace.

Not enough homes were built over the past few decades to meet population growth. This shortage of housing inventory is keeping prices high.

Inflation would be much lower - around 1.8% - if shelter costs weren't so high. Housing is a top economic issue for many voters.

President Biden has proposed spending $2 trillion to build more affordable housing units, but this is not enough to solve the crisis. Local zoning laws also constrain building.

High housing costs force many renters to spend over 30% of income on housing, cutting spending elsewhere and impacting health and education. Evictions can cost tens of thousands per person.