How Affordable are Homes in Your Area?
Housing affordability is a significant concern for people of all ages and in all parts of the country. And it's not just among prospective home buyers: Home owners and renters are feeling the pinch, too.
Nearly one-third of America’s 119 million households are cost burdened, meaning more than 30% of their income is used for housing. That number includes almost half of the nation’s renter households and a quarter of owner households.
The growing gap between incomes and housing costs largely stems from "regulatory barriers, ill-considered public policy and challenging market conditions," noted NAHB Chairman Randy Noel in response to results from a recent nationwide survey on housing. "These factors are driving up costs and making it increasingly difficult for builders to produce homes that are affordable to low- and moderate-income families."
[caption id="attachment_14360" align="alignright" width="256"] NAHB's Housing Portal makes it easy to download and print custom reports.[/caption]
A new feature of the NAHB Housing Portal — a free, interactive, online resource filled with information about the impact of housing — helps illustrate the severity of declining affordability. Statistics from not only the national, but also the state and even congressional-district levels are readily accessible on key areas such as:
- Portions of cost-burdened households
- Median home values
- Total number of cost-burdened renters
- Shares of "affordable" homes available