The U.S. is currently experiencing an affordable housing crisis, with 69% of Americans expressing concern about housing costs. A significant portion of the population, roughly 31%, is cost burdened, meaning they spend over 30% of their income on housing. Although some argue that building more affordable housing could alleviate the crisis, challenges exist due to already overbuilt cities and strict laws governing construction. Additionally, while new housing is being built, it often doesn't meet demand in desirable areas, creating further complications for those seeking affordable options.
While there is new construction in the U.S., it's not taking place in areas where people want to live, making affordable housing development challenging.
Roughly 31% of Americans were considered cost burdened in 2023, spending over 30% of their income on housing, indicating a widespread crisis.
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