By: Rebecca Henderson
The ongoing shortage of affordable housing is making it difficult for Americans to buy homes, with 42% of movers in 2022 relocating due to housing-related issues and 7.7% specifically seeking more affordable options. In 2024, over three-quarters of households cannot afford a median-priced home of $495,750, highlighting the critical need for increased affordable housing availability and supportive programs. States like Michigan offer more affordable markets, while areas in California remain among the least affordable. In New Jersey, only 30 out of every 100 homes are affordable for low-income individuals, further emphasizing the need for comprehensive solutions to address these disparities.
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