As the affordability crisis persists, millions of Americans are struggling with high home prices and interest rates. According to recent research from the Joint Center for Housing Studies (JCHS) of Harvard University, home prices have soared 47% since early 2020, pushing the median sales price to about five times the median household income. Rent growth has slowed, but rents remain 26% higher nationwide since early 2020. Due to these high costs, the number of unhoused people reached a record high of 653,100 as of 2023. JCHS suggests collaboration among policymakers, the private sector, and nonprofits will be needed to increase the supply of affordable housing and solve these issues.
The country’s housing challenges are likely to become more urgent in the years ahead. Addressing these challenges will not be easy, but with concerted efforts by policymakers at all levels of government, together with the private and nonprofit sectors, we have the ability to increase the supply of quality, affordable homes in thriving communities across the US.
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