Decades of “inadequate” investment and rising home prices during the COVID-19 pandemic have left most Americans unable to afford a home, according to a new report. Mayors across the country are warning of worsening housing shortages. investigation.
A U.S. Conference of Mayors poll finds the housing shortage is growing, with mayors warning that the housing shortage will increase by more than 2 million units over the next five years. More than half of the mayors surveyed said there would be a shortage of between 5,000 and 20,000 housing units over the next five years.
Opinion polls show that housing costs are taking a huge financial toll on household budgets. More than four in 10 households (42%) spend more than 30% of their income on mortgage payments, rent, and other housing costs.
Almost 7 in 8 mayors say more than 30 percent of households in their city are cost-burdened, and one-third of those surveyed say more than 50 percent of households in their city are cost-burdened. I answered that I was responsible for the cost burden.
The median rental price has increased 18% in the past three years to $1,779, according to the poll. The median sales price has increased 21% over the past three years and is now $488,272.
Mayors who participated in the survey expressed strong support for increasing funding for some housing programs, such as housing choice vouchers and low-income housing tax credits. A majority of mayors agreed that flexible and direct funding to cities is needed to address funding gaps and boost provision in local communities.
San Antonio Mayor Ron Nirenberg said, “Continuing to protect and expand all of these programs (through the Middle Income Housing Tax Credit and the Supplemental Rental Housing Protection Program) will help meet housing needs. It's very important,” he said.
The U.S. Conference of Mayors surveyed mayors from 120 cities in 43 states, representing approximately 35 million residents.
Tom Cochran, CEO of the U.S. Conference of Mayors, said, “It is estimated that there is a shortage of 4 million to 7 million housing units in the United States, and 69% of Americans say they are extremely concerned about rising home prices.'' I'm concerned about this,” he said. “More than 650,000 of our neighbors are homeless, first-time homeownership is at record lows, and U.S. home prices have soared more than 40 percent since 2020.”
