Key facts
- Homeowners face rising taxes and insurance costs.
- Many renters spend over 30% of their income on housing.
- High construction costs limit affordable housing options.
- Lower-income and minority households are disproportionately affected by housing costs.
- Approximately 75% of Americans over 50 prefer to age in place.
- Many homes are not suitable for aging needs.
- Some individuals are modifying their homes to accommodate aging.
- Vacancies exist in some housing markets.
Homeowners and renters across the United States are experiencing substantial financial pressures related to housing. Homeowners are contending with escalating property taxes and insurance premiums, which add to their monthly expenses. Meanwhile, a significant portion of renters find themselves allocating more than 30% of their monthly income solely to cover rent. This situation persists even as there are vacant housing units available in some areas. The primary obstacle to creating more affordable housing options is the high cost associated with construction. These elevated costs prevent the development of new units that could alleviate the affordability crisis, particularly impacting lower-income households and minority communities who are disproportionately affected by the lack of affordable options.