Homeownership builds financial security. With 65.5% of Americans owning homes, the net worth of a typical homeowner is nearly 40 times the net worth of a non-owner.  The total value of owner-occupied housing rose by $8.2 trillion in the last decade, and the number of middle-income homeowners increased by nearly one million. The typical homeowner has accumulated more than $200,000 in housing wealth due to price appreciation.  However, a historic 50-year record shortage of affordable homes available for purchase has severely limited access to the residential real estate market.

A landmark report commissioned by NAR last year found the U.S. has developed an “underbuilding gap” of 5.5 million housing units over the last 20 years. This translates into a $4.4 trillion underinvestment in housing. The housing shortage is constraining homeownership opportunities for too many Americans.  For middle-income households, there is only one affordable listing for every 125 households, a decrease from one listing for every 46 households in 2019.  Over the last two years, the percentage of single-family homes sold below $250,000 has decreased from 47% of sales to 28%.

So how do realtors help? The National Association of Realtors has one, if not THE strongest advocacy groups and works closely with the Biden administration to develop solutions to homeownership and wealth gaps.  Examples of how NAR and realtors are increasing homeownership opportunities are:

• The White House included a historic funding request for affordable housing in its fiscal year 2023 budget, released in March. This shows how seriously the White House views the supply crisis – further highlighted by the release of the President's Housing Supply Action Plan in May.
• NAR's Vice President of Policy Advocacy Bryan Greene joined Gene Sperling, American Rescue Plan Coordinator and Senior Advisor to the President, and Erika Poethig, Special Assistant to the President for Housing and Urban Policy, for an April event with Third Way on increasing housing availability, affordability, and accessibility for all. 
• NAR held a Policy Forum on May 20 focused on reforms that can open the door to more homeowners. The event, co-hosted with the Urban Institute, included a discussion with James Wylie from the Federal Housing Finance Agency (FHFA) on expanding access to underserved markets through sustainable and equitable access to credit.
• President Biden issued a Proclamation to mark National Homeownership Month 2022, saying in part: “… we recognize the importance of housing for all Americans. Whether owning, renting, or aspiring to do either, we renew our commitment to lowering costs and expanding access to safe, affordable homes that all Americans need and deserve. Together, we can ensure that every American has a safe place to call home."

NAR supports the 3 by 30 initiative, with the goal of adding three million net new Black homeowners by 2023.  You can learn more about this initiative here: https://3by30.org/.  How can you get involved?  Support legislation that addresses homeownership gaps, affordable housing, zoning and regulation that simplifies the permitting process for multi-family homes, and numerous other ways to get involved!