HUD Secretary Scott Turner testifies before the Senate Appropriations Subcommittee on Transportation, Housing and Urban Development about his department's proposed FY2026 budget in the Dirksen Senate Office Building on Capitol Hill in Washington on May 14, 2026. Chip Somodevilla/Getty Images
Home prices are squeezing American family budgets. The median home price is up 60 percent since 2019, now five times the median household income. The country is short more than 4 million homes, and a record 22.6 million renter households are spending more than 30 percent of their income on rent. Housing costs have risen another 14 percent in just the last two years.
