Summary
The United States has a shortage of 10 million homes, according to a new report from White House economists. The report suggests that reducing building regulations could boost home construction and ownership. Rising home prices and increased mortgage costs are major concerns for younger voters.
Key Facts
- The U.S. needs 10 million more homes to meet current demand.
- The White House Council of Economic Advisers released the report on this housing shortage.
- Home construction slowed down significantly after the 2008 financial crisis.
- Home prices have increased by 82% since 2000.
- Average incomes have grown by only 12% in the same period.
- The report highlights a "bureaucrat tax" that adds over $100,000 to building a home due to regulations.
- Reducing these costs could lead to building as many as 13.2 million homes.
- Rising mortgage rates have made it harder for people, especially those under 40, to afford homes.
