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The Guardian - US
The Guardian - US
Business
Eduardo Porter

Trump’s affordability crisis hits his supporters hardest as he calls housing bill of ‘minor importance’

Donald Trump United States Hormuz
people hold signs that read 'defeat the billionaires' 'hands off our medicaid' and 'housing works'
People outside the Brooklyn office of Nicole Malliotakis, a House representative, to protest her decision to vote in favor of the big beautiful bill on 29 May 2025. Photograph: Erik McGregor/LightRocket/Getty Images

Of the various dimensions of the affordability crisis weighing on US families, housing probably weighs heaviest. The typical home price has risen above five times the annual income of the typical family. The monthly cost of owning a home has hit record highs.

The US faces a housing shortfall of millions of homes. But builders are not rushing to meet the shortfall. The supply of new homes declined over 14% in May, compared to May of 2025. Moody’s Analytics expects single-family and multifamily residential investment to contract every year between now and 2030.

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