Mayors Nationwide Warn of Housing Shortfall Crisis Impacting Millions

Escalating Housing Shortfall: A National Concern

Mayors across the United States are raising alarms about a significant housing shortfall, exacerbated by years of inadequate investment and escalating costs driven by the COVID-19 pandemic. The latest U.S. Conference of Mayors poll reveals a distressing trend: the housing deficit is projected to exceed 2 million units within five years.

Rising Costs Burden Households

The financial ramifications of the current housing crisis are profound. The survey found that over 42 percent of households are spending more than 30 percent of their income on housing, leading to increased economic strain. Alarmingly, nearly seven in eight mayors reported that a significant portion of households in their cities are cost-burdened.

• The median rental price has surged by 18 percent in three years to $1,779.
• The median sale price has skyrocketed by 21 percent, now at $488,272.

Call to Action: Funding Housing Programs

The urgency for stronger funding policies is echoed by many mayors. A collective effort to increase support for housing programs, like Housing Choice Vouchers and the Low-Income Housing Tax Credit, is deemed critical. Moreover, mayors agree on the necessity for direct funding to address gaps and stimulate housing supply in their communities.

Conclusion: A Growing Concern for Millions

This crisis spans across 120 cities in 43 states, reflecting concerns of nearly 35 million residents. U.S. Conference of Mayors CEO Tom Cochran highlighted that almost 650,000 individuals are homeless, with first-time home ownership rates falling to record lows. The situation demands immediate attention and actionable strategies to combat a housing shortfall affecting millions.