The question of housing affordability has recently centered on real estate commissions. This is not the foremost factor affecting affordability, and as a community, we need to address the issue head-on.
If policymakers want to improve housing affordability, they must start by focusing on solutions that increase the housing supply, like easing restrictions on buildable land and cutting red tape.
American home prices have surpassed inflation, costing an average of $420,000 today compared to $185,000 if they had kept pace with inflation since 1963.
The vast majority of the 7.2 million new homes needed to meet nationwide demand must be priced below $400,000 to restore homeownership for all.
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