The Office of the Comptroller has released a Housing Affordability Challenge (PDF) report, which examines the factors contributing to the housing affordability crisis across the U.S., how the crisis is affecting Texans, and how the state is faring in comparison to the rest of the country. Comptroller Glenn Hegar noted “this issue remains daunting and key to our continued overall economic health. My office will continue to work with legislators to provide support as they work to address this issue and prepare bills for the upcoming legislative session.”
The report includes these key findings:
- 1) Affording a home is increasingly difficult in Texas and the U.S.
- 2) Finding the right balance of building enough housing and having enough housing supply available is difficult. Signs point to an underinvestment in housing in the state.
- 3) Lack of affordability entails more than rising housing costs and mortgage rates.
- 4) Amending regulation and zoning codes and ordinances offers opportunities to ease affordability crunch.