(The State Of Housing (Un)Affordability In The US — September 30, 2025)
Housing affordability has deteriorated sharply, with the price-to-income ratio now exceeding the peak of the 2000s housing boom and the rent-to-income ratio at its highest point since 1980. Goldman Sachs economists estimate the country needs as many as 4 million additional homes to restore affordability, a shortage driven primarily by restrictive land-use regulations, shrinking developable land and a declining construction labor pool. Their analysis suggests that relaxing land-use rules could generate 2.5 million additional units over the next decade, eliminating roughly two-thirds of the shortfall.
