Why it Matters

Housing costs have consumed an outsize share of American household budgets for years, and the problem is accelerating. According to Harvard's Joint Center for Housing Studies, the cost-burden rate for middle-income renters has jumped 9.5 percentage points since 2019, with 2.3 million additional households now spending more than 30 percent of their income on rent. The Senate Banking Committee's affordability agenda hearing will examine whether Congress can move beyond rhetoric to actual policy solutions as mortgage rates hover between 6.1 and 6.4 percent and inflation continues to squeeze household finances.

The Housing Crisis in Numbers

Rental housing remains unaffordable across income levels. Eighty-three percent of renters earning less than $30,000 are cost-burdened, while 26 percent of all renters spend more than half their income on housing. The strain is nationwide: for example, in Harris County, Texas, over half of renters are cost-burdened, with housing costs rising faster than inflation itself.

Recent inflation data underscores the urgency. The Consumer Price Index rose 0.5 percent in May, with core inflation climbing 2.9 percent year-over-year as of that month. A State of Housing Report released June 17 highlighted the ongoing stress, while a Business Insider report in June documented continued housing stress for both homeowners and renters.

Congressional Action and Stalled Momentum

Senator Tim Scott, who chairs the Banking Committee, has made affordability his signature priority for 2026, stating his goal is to make the year focused on reducing costs. The Senate passed the 21st Century ROAD to Housing Act in March with overwhelming bipartisan support, and passed it again as part of the National Defense Authorization Act. But the House stripped the housing provisions from its final NDAA text, drawing concern from House Financial Services Chairman French Hill. The National Housing Conference is pushing to restore the Senate-passed provisions.

The Hearing

The Senate Banking, Housing, and Urban Affairs Committee will hold its affordability agenda hearing on June 23, 2026 at 10:00 AM in 538 Dirksen Senate Office Building. Senator Elizabeth Warren is the ranking member.

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