Thune: Senate Bill Paves the Way to More Affordable Housing

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WASHINGTON - U.S. Senate Majority Leader John Thune (R-S.D.) today delivered the following remarks on the Senate floor:

Thune's remarks below (as delivered):

"Mr. President, homeownership - that quintessential part of the American dream - has become increasingly unattainable for a lot of Americans - and for younger Americans in particular.

"The New York Times reports that home prices have surged roughly 50 percent since the pandemic, and mortgage rates have also risen.

"A December 2025 article from the New York Post notes, and I quote, '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.'

"'… a gap that's turning the starter-home dream into a math problem few can solve.'

"With these kinds of numbers, it's no surprise that the typical age of first-time homebuyers has reached an all-time high of age 40.

"Or that in a recent New York Times poll, 25 percent of registered voters listed housing as their biggest financial worry - the only category to get more than 20 percent.

"That number was even worse for young people, with more than 50 percent of registered voters between the ages of 18 and 29 putting housing at the top of their financial worry list.

"Well, Mr. President, this week we're taking action.

"On the floor this week is the 21st Century ROAD to Housing Act - a package of bills targeted at making housing more affordable and accessible for hardworking Americans.

"This bill isn't some new government program that will drive up costs to taxpayers while doing little or nothing to solve housing problems for everyday Americans.

"No.

"This bill offers real solutions that will unlock new home construction, drive down prices, and increase the supply of affordable homes.

"Mr. President, one problem driving up the cost of housing is regulation.

"Regulations account for roughly 25 percent of the cost of constructing a new single-family dwelling.

"And of course these costs are passed on to the consumer in the form of higher selling prices for new homes.

"That's why the 21st Century ROAD to Housing Act takes aim at unnecessary regulation by removing, streamlining, or updating regulations that act as a drag on the supply of affordable housing.

"And along with removing regulatory barriers, the 21st Century ROAD to Housing Act focuses on unleashing private-sector investment.

"And, Mr. President, this entire bill has been put together with an emphasis on allowing states and local communities to pursue the housing solutions that work for them.

"Look at the great diversity of circumstances across rural, suburban, and urban communities, and it should be clear to everyone that one-size-fits-all mandates from Washington are not the solution.

"Instead, we need to empower states and localities to create the solutions that fit their particular communities.

"Mr. President, there's a lot more in this bill - from support for veterans and rural communities to increased oversight and accountability for federal housing programs.

"It's the product of good ideas from both parties and from both houses of Congress.

"And it's no surprise that it's supported by everyone from the National League of Cities, to the National Association of Affordable Housing [Lenders] and the National Association of Realtors.

"Mr. President, the inflation crisis that defined the Biden administration is still weighing down a lot of American families.

"And since taking office last January, Republicans have been focused on making life easier for the American people.

"We prevented a massive tax hike and put more money in Americans' pockets with the Working Families Tax Cuts, took aim this January at high prices at the pharmacy counter, and now we are continuing our work on affordability with the 21st Century ROAD to Housing Act, to open the door to affordable homes for hardworking Americans around the country.

"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."

Permalink: https://www.thune.senate.gov/public/index.cfm/2026/3/thune-senate-bill-paves-the-way-to-more-affordable-housing