Californians are not the only ones confronted with a housing affordability crisis. According to ATTOM Data Solutions, U.S. housing affordability dropped to a 10-year low in the third quarter to its least affordable level since Q3 2008. Nationwide, the Q3 2018 home affordability index of 92 was down from 95 in the previous quarter and 102 in Q3 2017.
“Housing is important to the health and welfare of our country. It’s troublesome when studies indicate nearly a third of American households spend more than 30 percent of their income on a mortgage or rent,” said Bill Moody, president of the Silicon Valley Association of Realtors.
According to a nationwide survey conducted on behalf of the National Association of Home Builders, nearly three out of four American households believe the country is facing a housing affordability crisis. The majority of respondents surveyed reported this is a problem at their local and state level, as well.
“These poll results confirm what builders from across the nation have been warning about — that housing affordability is an increasingly serious problem in communities across America,” said NAHB chairman Randy Noel. “A mix of regulatory barriers, ill-considered public policy and challenging market conditions is driving up costs and making it increasingly difficult for builders to produce homes that are affordable to low- and moderate-income families.”
The national online survey of 2,203 adults conducted Nov. 27-30 found 73 percent of all respondents believe a lack of affordable housing is a problem in the U.S. Sixty-eight percent believe this is an issue in their state and 54 percent cited housing affordability as a concern in their neighborhood.
More than half of respondents believe government should ease regulatory requirements and/or provide incentives to build more housing. Fifty-five percent believe it would be effective for their city or county to lower development and construction fees builders must pay so that more affordable units can be built, and 53 percent believe it would be effective to increase government subsidies to builders to produce more affordable units.