Housing affordability in the U.S. is at its lowest level since 1985, meaning everyday Americans are struggling to afford median-priced housing on a median family income, according to the National Association of Realtors.
Texas Comptroller Glenn Hegar’s office published a new housing study, examining housing affordability and accessibility in Texas and how national trends compare to state trends. Hegar’s main takeaways from his agency’s Housing Affordability Challenge study include decreasing affordability in Texas and the U.S., with housing demand outpacing supply, insurance and mortgage rates continuing to increase, and one solution to the affordability crisis is updating zoning codes and regulation ordinances.
“Texans continue to suffer from elevated prices and high interest rates that put significant upward pressures on the costs of borrowing and home ownership, and so this report covers an immediate issue,” Hegar said. “Simply put, our state, which is generally well regarded for its low cost of living, is facing the pressures of a decline in housing affordability as our population and demand for housing continue to rise. Since 2008, Texas has been the No. 1 state for new building permits for privately owned housing units. However, the state’s population, particularly in the major metropolitan areas, is growing at a quicker pace than housing is being built.”
