U.S. Senate Majority Leader John Thune addressed the Senate regarding ongoing efforts to make housing more affordable for working families. Thune highlighted that homeownership remains a central part of the American dream but has become increasingly difficult for many Americans, particularly younger people.
He cited recent data showing that home prices have risen by about 50 percent since the pandemic. According to a 2025 report from the Joint Center for Housing Studies at Harvard, “the US median existing single-family home price hit a new high of $412,500 in 2024, according to the National Association of Realtors. This is a shocking five times the median household income and significantly above the price-to-income ratio of 3 that has traditionally been considered affordable.” Thune noted that as a result, the average age for first-time homebuyers has reached an all-time high of 40.
Thune attributed some challenges to inflation over recent years and emphasized Republican efforts in Congress to ease financial burdens on Americans. He pointed to previous actions such as blocking tax hikes and introducing tax relief measures through initiatives like the Working Families Tax Cuts.
Discussing legislative efforts, Thune introduced the ROAD to Housing Act as “the most significant housing bill in a decade or more.” He explained that this act is aimed at lowering housing costs and increasing supply through various provisions.
“One primary focus of the bill is removing unnecessary regulatory barriers that drive up the cost of housing or complicate construction,” Thune said. He mentioned that one provision—the Housing Supply Expansion Act—would remove outdated requirements for manufactured housing, which could lower costs and encourage innovation such as two-story manufactured homes.
Other components include streamlining environmental reviews and inspection requirements for affordable homes funded by multiple government programs. Thune stated, “with regulations accounting for around 25 percent of the costs of constructing a single-family dwelling, and for roughly 40 percent of the costs of multifamily housing projects, anything we can do to streamline and simplify can go a long way toward making housing more affordable.”
The act also seeks to increase private-sector investment in affordable homes by raising statutory caps on bank investments in community development projects. Additionally, it includes pilot programs to promote new housing development through federal grants.
Thune acknowledged contributions from other senators involved in drafting parts of the legislation and expressed gratitude towards Banking Committee Chairman Tim Scott and Ranking Member Elizabeth Warren for their work assembling the bill.
“The ROAD to Housing Act doesn’t spend a single taxpayer dollar,” Thune said. “But by removing barriers to affordable housing construction and unleashing investment, this bill stands to open the door to affordable homes for hardworking Americans around the country.”
Senator Thune represents South Dakota and serves as Senate Republican Whip. His committee assignments include Finance; Agriculture, Nutrition and Forestry; and Commerce, Science and Transportation. He focuses on policies related to agriculture, energy, economic development and supports veterans through legislative initiatives and public outreach.
