Housing Affordability Remains a ‘Pain Point’ for Too Many Americans: White House Economist

The lack of affordable housing continues to be a “pain point” for too many Americans, said Lael Brainard, the director of the National Economic Council, appearing before the Urban Institute on Thursday. Over the last three years, rents have surged 21 percent, and median home prices have soared as much as 40 percent. Despite a strong labor market and higher wage gains, Ms. Brainard conceded that “housing costs have been extremely difficult for many households.” “Costs and, particularly, affordability of housing costs, remains a pain point for too many Americans,” she said. “The president knows that housing costs are a critical part of every family’s budget,” added Ms. Brainard. “He has a comprehensive plan to lower housing costs for families.”...