Just how bad is housing affordability? It depends on who you ask.
The Federal Housing Administration has data on annualized foreclosure and delinquency rates for FHA loans—useful indicators of financial distress. The Department of Housing and Urban Development collects information on home sale transactions and new construction—vital information for gauging the health of the housing market. Treasury, VA, and USDA each hold their own pieces of the puzzle. But without a clear, coordinated view, the picture of the housing crisis remains blurry.
A new bipartisan proposal, the Saving the American Dream Act, aims to fix that. The bill would break down barriers between agencies, modernize housing data collection, and create an interagency task force charged with tackling the toughest barriers to affordability. That includes mortgage costs, restrictive local regulations, rising insurance premiums, the need for down payment assistance, and even disaster resilience.
“Homeownership is a vital part of achieving the American Dream,” Congressman Mark Alford, the bill’s sponsor, said in a press release. “More families should be able to own a home so they can put down roots, build equity, and grow their wealth. … I’m proud to introduce this legislation with our Real Estate Caucus Co-Chairs to unlock a whole-of-government approach to solve the crisis and reignite this pillar of the American Dream.”
Why housing policy needs a systemic fix—not just more money
Right now, housing data is spread across no fewer than five agencies, leading to duplication of efforts and huge blindspots. In my work as a real estate reporter, I consistently run into this problem—tracking down reports from the Federal Housing Administration, Housing and Urban Development, or the U.S. Census Bureau, just to name a few.
While fragmentation results in a time-consuming inconvenience for me, it has larger impacts for the housing market. Industry experts say that it’s even contributing to the federal government’s lagging response to the affordability crisis and poorly targeted aid.
“The current draft act aims at coordinating among five different agency heads and six different congressional committees, underscoring just how many different groups play a role in federal housing data and policy,” explains Danielle Hale, chief economist at Realtor.com®. “And I’ll note that this is not a completely exhaustive list. In order to have a shot at addressing big challenges with a lot of players, you need coordination around a clear goal and alignment on priorities. This act aims to enhance that coordination and alignment.”
Shannon McGahn, executive vice president and chief advocacy officer for the National Association of Realtors® agrees:
“By ensuring key federal agencies coordinate and share housing-related research and market data, this legislation promotes evidence-based policymaking,” she shared in a recent NAR article. “With housing affordability and accessibility as pressing concerns for millions of Americans, coordinated federal action is essential. This bill addresses critical challenges—from construction costs and regulatory barriers to homeownership and insurance availability—laying the groundwork for more effective programs and better outcomes for families and communities.”
Breaking down barriers—how the bill could actually work
The Saving the American Dream Act doesn’t pump new money into housing programs; instead, it forces the federal government to finally get its own house in order.
Within a year, HUD, USDA, the VA, Treasury, and the FHFA would be required to sign a formal agreement to share data and research, breaking down silos that have long left housing policy fragmented and inefficient.
Those same agencies must also deliver a joint report to Congress with proposals to tackle some of the thorniest drivers of the affordability crisis: mortgage costs, construction barriers, local regulations, soaring insurance, the need for down payment help, and disaster resilience.
By mandating coordination instead of duplication, the bill aims to build a stronger foundation for evidence-based policy—one that could make future federal housing programs more effective, targeted, and responsive to the real obstacles Americans face in buying and keeping a home.
Why it matters for homebuyers, builders, and renters
You can’t fix what you can’t measure. By forcing federal agencies to share data and coordinate, the Saving the American Dream Act lays the groundwork for a true “whole-of-government” approach to the housing affordability crisis.
Lawmakers hope this united approach could result in better programs that directly target the biggest barriers: construction bottlenecks, local regulations, insurance challenges, and persistent gaps in homeownership.
The bill has drawn broad industry support—from the NAR to the National Association of Home Builders, the Mortgage Bankers Association, the National Apartment Association, and the American Land Title Association—underscoring how much is at stake for every corner of the housing market.
What comes next—and could it actually pass?
The bill is in its early stages, but the fact that the proposal came out of the bipartisan efforts of the Real Estate Caucus—which is tasked with developing legislation to address the housing crisis—is a hopeful sign of cooperation and the potential success of the bill.
Rep. Mike Flood (R-NE) told Semafor housing would be “a priority” for the Financial Services Committee—which oversees policy on related issues like the economy, banking system, housing, and insurance—this September, in another hopeful sign.
The bill’s success may also be bolstered by the state of the housing market. Though the summer is traditionally the high point for the market, a season of stalled sales has Realtor.com Senior Economist Jake Krimmel describing it as the “Anna Karenina housing market: Inventory is up, sales are down, and everyone—from buyers to sellers to builders—is unhappy in their own way.”
That kind of pressure could go a long way to marshaling the kind of widespread attention that it takes to get a bill over the finish line.
Allaire Conte, realtor.com (News & Insights)