CounterPunch Exclusives

CounterPunch Exclusives

How to Make Housing More Affordable

House trailer, Bombay Beach, California. Photo: Jeffrey St. Clair.

Home prices are up 60 percent since 2019, and purchasing the median-priced home would pose a significant financial strain for most Americans. Half of all renters are cost-burdened, paying more than the recommended maximum of 30 percent of their income on housing. Rising housing costs and a lack of affordable housing has led to a record high level of chronic homelessness.

There is not enough affordable housing:

The nation faces a deficit of about 2 million homes for purchase. The median single-family home costs five times the median household income. A cost of three times the median household income is what is considered to be affordable. The nation faces a deficit of over 7 million rental homes affordable to low-income renters. The number of lower-cost rental units is declining, and new construction isfocused primarily on increasing the supply of higher-cost units. About 80 percent of renters in the lowest income quintile are housing cost burdened.

The nation faces a deficit of about 2 million homes for purchase.

The median single-family........

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