As part of the 2024 Moving Forward Report, the Consultative Council examined the fundamental problem of housing affordability in the United States. This report examines the issue of affordability of both rental and for-sale homes and its impact on all levels of society, along with a range of potential solutions to ease the strain of housing expenses on households.

The U.S. Department of Housing and Urban Development’s standard measure of affordability for renters and homeowners is to spend 30% or less of their gross income on housing costs. In recent years, the combination of a housing shortage, inflation, and higher interest rates increased the cost of both rental and purchase housing faster than wage growth, leading to higher percentages of consumers paying more than 30% and even 50% or more of their income for housing.

The third quarter 2023 Housing Affordability Report by ATTOM Data Solutions showed that median home prices in 99% of counties throughout the U.S. were less affordable than historical averages.1 From early 2020 to early 2023, rents in professionally managed buildings increased by 24%, according to The State of the Nation’s Housing 2023 report by the Joint Center for Housing Studies ( JCHS) at Harvard University.2 While steep housing costs impact lower income households more significantly than higher income households, the issue is pervasive throughout all income levels in every community.

The points below provide a summary of the recommendations discussed in this report. Detailed recommendations National Institute of Building Sciences 5 Housing Affordability from the NIBS Consultative Council can be found on page 17. The Council’s recommendations are meant to supplement other actions that must be taken to stabilize the housing market for renters and homeowners, increase the supply of housing, and create lasting change for the continued production and rehabilitation of residential buildings for all age groups, income levels, and needs.