A significant housing shortage persists, with a reported deficit of 4.5 million homes, largely due to a historic lack of new construction over the past decade.

Despite rising demand for housing, particularly among millennials, the supply has not kept pace, resulting in inflated prices and limited options.

The proposed Building Opportunity program aims to provide funding to local governments that implement substantial zoning reforms to increase housing availability.

Mortgage rates have recently dipped to around 6%, down from highs of 8% last October, which may provide some relief to potential homebuyers.

Regional variations in the housing market are evident, with rents declining in some southern cities while rising over 10% in parts of the Northeast and Midwest due to tight inventory.

The United States is grappling with a severe housing affordability crisis, with over 45 million households renting and nearly half of these households considered cost-burdened.

Census Bureau data indicates that approximately 21 million renter households spent more than a third of their income on rent last year.

Since early 2020, rent in the U.S. has surged by 26%, further complicating the financial landscape for many Americans.

The median cost of homeownership has escalated to around $3,000 per month, driven by high interest rates and substantial down payment requirements.

First-time homebuyers like Eli and Amanda Enav are navigating inflated prices in New Jersey, reflecting the broader challenges faced by many seeking homeownership.

Local zoning ordinances significantly restrict the supply of affordable housing, highlighting the urgent need for reform to alleviate the crisis.

Reforming zoning regulations could facilitate the construction of additional housing units without relying on public subsidies.