U.S. Senate Majority Leader John Thune announced on Mar. 10 that the Senate is considering the 21st Century ROAD to Housing Act, a legislative package designed to make housing more affordable and accessible for Americans.
The issue of rising home prices and limited affordability has become a significant concern for many families, especially younger Americans. Thune said, “Homeownership – that quintessential part of the American dream – has become increasingly unattainable for a lot of Americans – and for younger Americans in particular.” He cited reports showing that home prices have surged by about 50 percent since the pandemic, with mortgage rates also increasing. According to Thune, “A new Bankrate analysis has found that more than 75% of listings nationwide are out of financial reach for a median-income family, despite annual earnings hovering just under $80,000. To swing a median-priced home in 2025, buyers now need to earn roughly $113,000 a year, which is a gap that’s turning the starter-home dream into a math problem few can solve.”
Thune emphasized that regulatory costs contribute significantly to higher housing prices. “Regulations account for roughly 25 percent of the cost of constructing a new single-family dwelling,” he said. The proposed legislation aims to address these issues by removing or updating regulations and encouraging private-sector investment in housing construction.
The bill also focuses on empowering states and local communities rather than imposing federal mandates. “We need to empower states and localities to create the solutions that fit their particular communities,” Thune said. He noted bipartisan support for the bill from organizations such as the National League of Cities and the National Association of Realtors.
Thune serves as Senate Republican Whip and holds committee positions including Finance; Agriculture, Nutrition and Forestry; and Commerce, Science and Transportation according to his official website. He represents South Dakota in the U.S. Senate with an emphasis on agriculture, energy policy, economic development initiatives, community outreach efforts, public events participation, casework assistance services, and support for veterans according to his official website.
Looking ahead, Thune said Republicans will continue working on policies aimed at easing financial burdens: “And we’re going to continue to do everything we can to ease the burdens facing Americans and to make life better for the American people.”
