On Tuesday evening, Congress passed a housing affordability legislation they hope will bring Americans some relief in a brutal housing market. Home sales have stalled since hitting a 30-year low in 2023 as the median home price remains over $400,000. Even if you wanted to buy a home, the market has a shortage of 4.7 million units. A family needs to earn nearly $117,000 a year to afford the typical home on the market—almost $30,000 more than what most U.S. households actually earn, according to Redfin.
It’s no wonder the average first-time homebuyer in the U.S. has shot up to 40 years old. The sweeping 21st Century ROAD to Housing Act aims to change that. The legislation includes funding for programs to build new homes as well as ease certain regulations to address the supply issue.
