This year, communities across the country faced a housing supply shortage due to years of underproduction of new homes. Since the start of the pandemic, the housing shortage has intensified, pushing home prices even higher and making homeownership opportunities more difficult for first-time buyers and minorities.
Thankfully, there are practical policy solutions at the local and national level that can create more equitable paths to homeownership and create a better future for your community. Learn more about how housing supply and affordability affects Americans nationwide.
After years of underproduction of new homes, America is facing a housing shortage of over 6 million homes.1
The median listing price of residential real estate rose 7% to $287,000 in April of 2020.2
Lenders have raised credit-score and down payment requirements, making it harder to qualify for a mortgage.3
The gap between African American and white homeowners is larger today than it was in 1934, when the Federal Housing Administration was established, with almost three-quarters of white Americans are homeowners compared to just 44% of African Americans.4