The House passed H.R. 6644—the Housing for the 21st Century Act—a bipartisan piece of legislation aimed at restoring affordability in the U.S. housing market on Feb. 9.

Representatives voted 388–11 in favor of the bill: 198 Democrats and 190 Republicans.

Similar legislation in the upper chamber—the Renewing Opportunity in the American Dream to Housing Act—contains most of the same measures.

Overall cost of living has been a contentious issue for the American people, particularly over housing affordability.

A recent poll conducted for the National Association of Realtors found that more than half (52 percent) of voters say housing affordability is an important issue to them.

Over the past year, the Trump administration has largely focused on the demand side of the U.S. housing market, whether regulatory reforms or mortgage activity.

While the White House has proposed measures to ensure current families can knock on the door of homeownership, the bill aims to help future households navigate an affordable landscape.

Introduced in December 2025, the 199-page bipartisan Housing for the 21st Century Act is a framework that includes several key components to address the national housing shortage.

“The issue is clear: we need more housing units across the spectrum, from single-family homes, multi-family units, to apartment buildings and manufactured and factory-built housing,” House Financial Services Committee Chairman French Hill (R-Ark.) said in a Dec. 16 statement ahead of a markup of various bills.

“This long-brewing housing shortage is not just an economic risk. It threatens the stability and quality of life of millions of Americans who are struggling to find reasonably priced homes.”

Some of the main measures feature clamping down on regulatory hurdles, streamlining permitting processes to reduce building costs and accelerate construction, and securing financing for multifamily homes.

Lawmakers also implemented demand strategies. Introducing government-backed small-dollar mortgages and raising the cap on banks’ affordable housing and community development projects were two of the main proposals.

Scores of industry groups have touted the legislation’s efficacy, arguing that it would bolster national home construction, advance housing affordability, and alleviate the housing crisis.

“This is a serious and thoughtful effort to address a serious problem, Rebecca Romeo Rainey, president and CEO of the Independent Community Bankers of America, wrote in a Feb. 5 letter to the House.

The National Association of Realtors lauded the bill, stating that updating federal policy, whether expanding flexible financing options or modernizing outdated programs, is a key step in restoring housing affordability.

“By updating federal policy to reflect how housing is built and financed today, this bill takes a commonsense, market-driven approach to expanding supply and improving affordability nationwide,” Shannon McGahn, NAR executive vice president and chief advocacy officer, said in a Dec. 18 statement.

Balancing Act

While President Donald Trump has supported efforts to lower barriers to entry in the housing market, he has also expressed concern about harming existing homeowners.

“Existing housing, people that own their homes, we’re going to keep them wealthy. We’re going to keep those prices up. We’re not going to destroy the value of their homes so that somebody who didn’t work very hard can buy a home,” Trump said during the Jan. 29 Cabinet meeting.

“You have a lot of people that have become wealthy in the last year because their house value has gone up,” Trump said.

“And you know, when you get the housing—when you make it too easy and too cheap to buy houses—those values come down.”

Conditions have stabilized since the post-crisis frenzy, but the U.S. housing market is as frozen as temperatures in many parts of the country.

In the four weeks ending on Feb. 1, the median sales price was about $380,000, according to Redfin, up 1.2 percent year over year.

Pending sales declined 3.3 percent, and the number of newly listed homes ticked up 1.1 percent.

Experts say there are signs of a so-called Great Housing Reset, developments that could thaw out the frozen industry.

Today, homes are selling at the slowest pace in six years, and prospective homebuyers are taking their time due to high costs.

But homeowners are giving up their pandemic-era ultra-low mortgage rate and moving somewhere else, says Ben Ambroch, a Redfin Premier agent.

“With each passing month, I see more sellers willing to forgo record-low rates and accept that it’s time to move,” he said in a statement.

“That’s leading to more inventory, which is helping attract buyers. I’m seeing a steady stream of house hunters touring homes, though they are taking their time, requesting inspections, and negotiating with sellers.”

As for the mortgage market, borrowing costs appear stuck.

The average 30-year fixed-rate mortgage has hovered around 6.1 percent for the past month, according to data from Freddie Mac’s Primary Mortgage Market Survey.

Jeff DerGurahian, head economist at loanDepot, says the near-term response to the president’s selection of Kevin Warsh as the next chairman of the Federal Reserve put pressure on risk assets and long-term bonds.

However, this decision could support lower long-term yields moving forward, considering Warsh’s hawkish stance.

“For now, mortgage rates remain rangebound, with upcoming labor market data likely to be the key driver,” DerGurahian said in a note emailed to The Epoch Times.

The delayed January jobs report will be released on Feb. 11.

The consensus estimate suggests the U.S. economy created 70,000 new jobs last month, and the unemployment rate held steady at 4.4 percent.