A report by Open The Books, a government spending watchdog, indicates that homeownership in the United States has become less attainable over the past decade, despite federal spending of approximately $460 billion on housing programs. The analysis compared home price growth to median household income across all 50 states, revealing that home prices increased at a faster rate than incomes in every state from 2015 to 2024, resulting in a widening 'Affordability Gap.' In 48 states, this gap exceeded 10%, with 17 states experiencing home price growth that outpaced income growth by over 50 percentage points. Christopher Neefus, vice president of communications for Open The Books, stated that federal spending has not effectively addressed the affordability issue, suggesting that regulatory hurdles and local investments need to be prioritized. In response, the Department of Housing and Urban Development (HUD) highlighted efforts to reduce regulations and empower local governments to address housing challenges. The report raises concerns about younger Americans being priced out of homeownership, with the median age of first-time homebuyers now at 40, compared to previous generations.
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Federal Housing Spending and Homeownership Affordability Analyzed
A report from Open The Books reveals that despite significant federal spending on housing programs, homeownership has become increasingly unaffordable in the U.S. over the last decade. The analysis found that home prices have consistently outpaced median household incomes across all states, leading to a widening affordability gap. The Department of Housing and Urban Development responded by emphasizing its efforts to reduce regulations and support local solutions.
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Billions spent by key federal agency hasn't made American dream of homeownership any easier: report
Federal Housing Spending and Homeownership Affordability Analyzed