The ratio of median home prices to median household income has nearly doubled since 1985, reaching almost five times income nationally, driven primarily by zoning restrictions and permitting barriers that have choked housing supply for decades. Cities like Austin that allowed aggressive construction have seen home prices actually fall in recent years, while metros that restricted building have priced out younger generations and constrained economic mobility. The New York Times editorial board argues the solution is clear: loosen zoning to allow more multifamily housing and streamline permitting to make it easier to build where construction is already legal.
Read more: https://www.nytimes.com/interactive/2026/05/18/opinion/affordable-housing-america.html
