Conclusion
Fashioning a
new federal
housing policy
that effectively
responds to
both current and
future conditions
in the housing
Today, we find ourselves in an unprecedented situation: Millions of families are
shut out of the homeownership market
because they are unable to qualify for a
mortgage. For many, accumulating the necessary funds for a down payment or to make
the monthly mortgage payment are the
major obstacles, but higher credit-score and
other requirements also serve as barriers.
At the same time, a tremendous infusion of
rental demand has sent rents soaring. The
number of renter households who are now
severely cost-burdened has reached new
highs. The demographic trends now trans-
forming America will only magnify these
challenges in the years ahead and strain a
housing system that is already overmatched.
Fashioning a new federal housing policy
that effectively responds to both current
and future conditions in the housing market
is an urgent national imperative. Ensuring
that Americans have access to decent,
affordable housing is critical to our nation’s
economic growth and future prosperity. We
can no longer afford to stand by as housing
becomes a cause of distress for more and
more of our fellow citizens rather than the
source of stability it should be.
Photo: The Bozzuto Group
market is an
urgent national
imperative.
20
The Silent Housing Crisis: A Snapshot of Current and Future Conditions