First look: Mayors across U.S. warn of worsening housing crisis
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Mayors across the country, representing nearly 35 million Americans, are warning of a severe and worsening housing shortfall, according to a new survey from the U.S. Conference of Mayors.
The big picture: There aren't enough homes in the U.S. to keep up with demand, with some estimates putting total housing shortage in the millions of units.
- A lack of affordable homes to buy or rent are keeping prices high. That's paired with record-high mortgage rates, putting monthly payments out of reach for many.
Zoom in: Mayors from 120 cities in 43 states responded to the national survey from the U.S. Conference of Mayors and the American Institute of Architects.
- The study found that the housing deficit will increase by more than two million more units in the next five years.
By the numbers: 42% of households spend more than 30% of their income on rent, mortgage payments and other housing costs, per the report.
- The median rental price increased 18% over the past three years, to $1,779.81.
- The median sale price increased 21% in the same period to $488,272, according to the report.
Between the lines: The survey found that mayors believe inaction at the federal level will exacerbate an already deepening crisis.
- 89% of the mayors surveyed indicated that flexible and direct funding for cities to stimulate housing supply, preservation, or access is important.
- While the mayors value existing federal housing programs, they strongly urged for an expansion, including of low-income housing credits and housing vouchers.
Zoom out: The cost of housing was a key issue during the 2024 presidential race, making clear it's a top-of-mind issue for Americans.
- Vice President Harris had framed the housing shortage largely as a problem of supply, Axios' Emily Peck reported. Harris' solution, broadly, was to build more homes.
- President-elect Trump painted it as mostly as a demand issue and blamed the housing shortage on immigrants.
Flashback: Today's housing shortage is rooted in the 2008 housing bust when a huge number of homebuilders went out of business, from which the industry never recovered, Peck reports.
- Go deeper: Read the 20-page report.
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