Housing costs: the root of US economic malaise?
Many voters are troubled by the housing affordability crisis


What happened
"You have to marvel at America's economy," which defied recession predictions and "enjoyed one of the boomier years of the century," The Economist said. But a lot of voters "feel down on the economy," The Associated Press said, and a "major reason" is the "housing affordability crisis."
Who said what
"The bottom line is we have to build, build, build," President Joe Biden said in a speech last week to the National League of Cities. "That's how we bring down housing costs for good."
The commentary
"Even as incomes are going up and the economy is doing well and inflation is coming down, people can't buy homes," Redfin chief economist Daryl Fairweather said to AP. "That's like the biggest problem for Biden because it's not one that he can solve."
Subscribe to The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.

Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
What next?
Biden's reelection could hinge on whether 30-year mortgage rates, currently at 6.74%, rise to 8% or fall closer to 6%, Moody's Analytics chief economist Mark Zandi told AP. Housing costs should drop somewhat this summer after last week's National Association of Realtors commission-fixing settlement, The Wall Street Journal said.
Sign up for Today's Best Articles in your inbox
A free daily email with the biggest news stories of the day – and the best features from TheWeek.com
Peter has worked as a news and culture writer and editor at The Week since the site's launch in 2008. He covers politics, world affairs, religion and cultural currents. His journalism career began as a copy editor at a financial newswire and has included editorial positions at The New York Times Magazine, Facts on File, and Oregon State University.
-
May 26 editorial cartoons
Cartoons Monday's political cartoons feature Donald Trump's red tie, Hunter Biden's crypto lament, and one meaning of Memorial Day
-
3 tips for coping with financial stress
The explainer Feel more at peace in an unpredictable economy
-
Crossword: May 26, 2025
The Week's daily crossword
-
Grocery stores under fire for overcharging during cost-of-living crisis
The Explainer A recent investigation has put the spotlight on Kroger, but it is not the only chain being pinpointed
-
Crypto firm Coinbase hacked, faces SEC scrutiny
Speed Read The Securities and Exchange Commission has also been investigating whether Coinbase misstated its user numbers in past disclosures
-
Starbucks baristas strike over dress code
speed read The new uniform 'puts the burden on baristas' to buy new clothes, said a Starbucks Workers United union delegate
-
Trump vs. China: another tariff U-turn?
Today's Big Question Washington and Beijing make huge tariff cuts, as both sides seek 'exit ramp' from escalating trade war
-
Exurbs: America's biggest housing trend you haven't heard of
Under the Radar Northeastern exurbs were the nation's biggest housing markets in 2024
-
Warren Buffet announces surprise retirement
speed read At the annual meeting of Berkshire Hathaway, the billionaire investor named Vice Chairman Greg Abel his replacement
-
Why are Americans using 'buy now, pay later' apps to buy groceries?
Today's Big Question A 'layaway program, but reversed'
-
Trump calls Amazon's Bezos over tariff display
Speed Read The president was not happy with reports that Amazon would list the added cost from tariffs alongside product prices