FILE - A for sale sign is posted in front of a home in Sacramento, Calif., March 3, 2022. The Biden administration is announcing new federal initiatives to increase access to affordable housing as high interest rates and still-high prices on groceries and other necessities have dramatically pushed up the cost of living in the post-pandemic years. Treasury Secretary Janet Yellen is traveling to Minneapolis on Monday, June 24, 2024, to promote the new investments.
For low-income Americans, statistics from the National Low Income Housing Coalition show that nationally there is a shortage of more than 7 million affordable homes for the more than 10.8 million extremely low-income U.S. families. And there is no state or county in the country where a renter working full-time at minimum wage can afford a two-bedroom apartment, according to the group.
Sal Guatieri, a senior economist at BMO Capital Markets Economic Research, wrote Friday that little change is expected in the housing market “until the Fed reduces policy rates.”