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: Homeowners 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.”
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
In addition to its new Affordability section, the Housing Portal continues to provide a wide variety of information on the importance of housing, including the latest on employment growth, consumer polling results and policy issues.
Printable reports can also be downloaded from the Housing Portal. To find detailed information about housing markets in a specific state or locality, visit nahbhousingportal.org.