$460 Billion in Federal Housing Programs Barely Moved the Needle on Affordability

The average American now needs more than a decade of savings to afford a home in their state — despite $460 billion in federal housing spending since 2015 that a new report finds made no statistically significant difference. Center Square reporter Therese Boudreau joins The States to break down findings from Open the Books on HUD program spending and the widening "affordability gap" (the gap between income growth and housing price growth) across all 50 states. Key findings: - The $460 billion in HUD spending across 18 programs closed only about 2.75% of the affordability gap — statistically insignificant, according to the report. - Alaska has the narrowest gap, requiring roughly 9.5 years of savings (at 10% of pre-tax income, double the federal estimate of what households can typically save) to afford a median-priced home. - Every other state requires more than a decade, with Maine requiring as long as 25 years. - States with the highest affordability gaps include Idaho, Florida, Utah, Tennessee, and Arizona. - States with the lowest include Louisiana, West Virginia, North Dakota, Mississippi, and Alaska. - Housing prices have risen roughly 100% nationally since 2015. - Open the Books argues the pattern resembles federal student loan subsidies — money that didn't lower costs — and recommends shifting funding and policy control to state and local levels instead. Read the full story at thecentersquare.com.