America’s housing crisis has reached an inflection point. The nation faces its most severe housing challenge since the 1950s: with a shortage of 4-8 million homes, nearly half of all renters paying more than 1/3 of their income on rent, and the price of houses relative to incomes setting records. These problems are not isolated. They are the result of a national housing system that has broken in multiple ways over the past 50 years, becoming more federated, financialized, and fossilized. As the public increasingly demands solutions to the housing crisis, the nation has a generational opportunity to modernize the way it approaches housing across sectors, places, and levels of government.
As of 2025, an American household needs an income of $120,000+ to afford a median-priced home
Renter cost burdens hit a record high in 2024, with 22.7 million households spending more than 30% of income on rent and utilities
In 2024, homelessness reached 771,480 people on a single night in January, an 18% year-over-year increase
Our theory of change holds that housing innovation spreads when: