Survey: Americans want government to act on housing unaffordability

WASHINGTON – Nearly four of five Americans believe that the country is in a housing crisis and that officials at all levels of government are not doing enough to address it, according to a recent survey from the National Assn. of Home Builders and Morning Consult.

The survey found that 77% of the respondents reported a housing affordability crisis in the communities where they live. Eighty percent said their city and county officials were not doing enough to encourage the production of housing that is affordable to low- and moderate-income households, and 51% said their elected representative to the U.S. Congress is doing too little to address housing affordability at the national level.

At the same time, more than 900 professionals in the residential construction industry met at Capitol Hill today to call on Congress to “ease the chronic headwinds that are fanning the nation’s housing affordability crisis” and impeding builders from boosting housing production.

“The only way to tame shelter inflation (homeownership and rental costs) and to ease the housing affordability crisis is to build more homes and apartments,’” said NAHB Chairman Carl Harris, a custom home builder from Wichita, Kan. The NAHB says there’s a nationwide shortage of 1.5 million housing units.

In May, the Fannie Mae Home Purchase Sentiment Index fell to all-time low to 69.4, a 2.5-point decline. Just 14% of consumers believe it’s a good time to buy a home, down from 20% in April. Attitudes among sellers also dropped in May, with 64% saying it’s a good time to sell vs. 67% in the previous month.

Consumers continue to believe home prices and mortgage rates will continue to go up over the next year.

See also:

  • Consumers ‘struggle to find positives’ in current housing market
  • Case goods suppliers point to housing as potential chief issue for 2024

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