Home and rent prices are soaring across the U.S. after years of high demand and low inventory, and one expert points to local governments as the cause.
That means barely half the homes on the market today are within the price range of the median family income, placing homeownership increasingly out of reach.
"It has been on track for quite a while but what's different today is that over the past couple of years since the start of the pandemic, America's housing crisis has been spreading," Hendrix said. "What was once a coastal housing crisis has become an American housing crisis. And most crucially, it's spreading to the parts of this country that had previously been bastions of opportunity for hardworking families.
Aerial view of farming and suburban expansion along Interstate-10 traversing Pima and Pinal Counties, Arizona. "The consensus is that we need to find space for roughly 4 million households," Hendrix writes. "But we are building far fewer homes than at any time since the Great Depression, opting instead to make do with an ever-decaying housing stock in the meantime.
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