Sec. 3. Findings
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/bill/119/s/3600/is/section-3·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Congress finds that— housing is the largest expenditure for most households and accounts for 45 percent of the Consumer Price Index; approximately 75 percent of households in the United States are unable to afford a median-priced home with housing demand outpacing available supply; there is a shortage of at least 4,000,000 housing units due to low levels of residential construction and compounding regulations; the housing unit deficit is projected to increase to nearly 10,000,000 units by 2035; the median sales price for existing single-family homes has risen over 50 percent since the onset of the COVID–19 pandemic; rapid increases in rents, combined with slower income growth, worsen housing affordability in metro and nonmetro areas; the share of first-time homebuyers has decreased to a record low of 21 percent in 2025, with the average age of a first-time homebuyer increasing to a record high of 40 years old;
Federal, State, and local overregulation accounts for approximately 25 percent of the cost to build a new single-family home; the housing supply shortage compromises the economic and national security of the United States; and investing in closing the housing unit shortfall can unlock nearly 2,000,000 jobs, including over 700,000 construction jobs, and add nearly $2,000,000,000,000 to the gross domestic product through 2035.