Housing on the ballot: Harris, Trump push different plans for tackling housing affordability crisis

Millions of Americans can’t afford to buy a home or rent a suitable apartment, making housing a central issue for voters in the upcoming presidential election.

The biggest single reason homeownership is out of reach for many is there aren’t nearly enough homes for sale to balance out the market between buyers and sellers.

The shortfall, which some economists say ranges from 1 million to around 4 million homes, has for the better part of the last decade fueled bidding wars that boosted the median sales price of a previously occupied U.S. home to an all-time high of $426,900 in June — even as home sales have been in a deep slump for more than two years.

Higher mortgage rates have also kept many home shoppers on the sidelines. The average rate on a 30-year mortgage rose to a 23-year high of nearly 8% late last year, and now sits at 6.44%.