economy
February 12, 2026
America’s affordability crisis is a housing shortage
Family formation has cratered in the last fifteen years in the United States, with the fertility rate hitting a record low of just 1.6 babies per woman. One big reason young people are hesitant to get married and have a family is that soaring housing costs have made having and raising children much more expensive. In fact, one new study finds that “51% of the total fertility rate decline between the 2000s and 2010s” can be attributed to the increased cost of housing.
TL;DR
- The U.S. fertility rate has hit a record low of 1.6 babies per woman.
- Soaring housing costs are a major reason young people are hesitant to marry and start families.
- Increased housing costs are attributed to 51% of the total fertility rate decline between the 2000s and 2010s.
- Young Americans still desire single-family homes with space, yards, good schools, and safe streets.
- Government policies have made it difficult to build family homes for the past century.
- The U.S. faces a shortage of approximately 6 million homes.
- Home prices have more than doubled in the last 15 years.
- Policies in many cities make permitting, building, and affording new homes more difficult.
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