US (United States)

The US housing market in 2025 is marked by subdued growth and near-balanced supply and demand, with prices mostly flat in real terms. Home ownership remains the norm, with about 65% of the population owning their homes, while 35% rent. The median price for buying a home nationwide is roughly 408,000 USD (about 377,000 EUR) or approximately 3,500 EUR per square meter, though this varies widely by location. The median monthly rent is around 18 EUR per square meter. These figures reflect national averages and can fluctuate significantly between cities and regions.

Publicly owned housing, known as public housing, plays a limited role in the US, making up only about 1% of the country’s housing stock—well below the OECD average for social housing. Public housing is primarily targeted at low-income tenants and managed by local housing authorities with federal support, housing about 860,000 to 970,000 households nationwide. In US context, public housing is seen as the main form of social housing, yet the broader concept of social housing can also include homes owned by non-profits, cooperatives, and community land trusts.

Public housing and social housing are often used interchangeably in the US, though “social housing” can refer to a broader set of permanently affordable, community-oriented housing options beyond just those owned by government agencies.

The United States is facing an acute housing crisis, with the national housing deficit reaching a record 4.7 million units. Despite a surge in construction, new homes have not kept pace with the formation of new households. This shortfall contributes to higher housing costs and widespread affordability issues. Since 2019, home prices have increased by 60%, while mortgage rates have more than doubled. The median home price now stands around 377,000 EUR, making ownership difficult for many; about 57% of households cannot afford a home costing 275,000 EUR or more.

Affordability is a significant issue for both buyers and renters. Over 22.6 million renting households are cost-burdened, spending more than 30% of their income on rent, with nearly three-quarters of extremely low-income renters spending over half their income on housing. Older renters are increasingly prevalent, with the median renter age rising to 42. The shortage of affordable options is stark: there is a gap of 7.1 million affordable homes for extremely low-income renters, and only 14% of rental housing is available for under 550 EUR per month.

The crisis disproportionately affects low-income households, people of color, seniors, people with disabilities, and younger adults struggling to form new households—evidenced by 8.1 million families now sharing homes with non-relatives and the number of people experiencing homelessness rising to over 770,000 in 2024, the highest ever recorded.

The US national government addresses affordable and sustainable housing through a range of programs and legislative initiatives, with a strong focus on increasing supply, supporting low-income families, and encouraging equitable access. Recent national targets include a mandate for Fannie Mae and Freddie Mac to ensure that 25% of their home loan purchases benefit low-income families and 6% serve very low-income buyers between 2025 and 2027. Special subgoals were also set for households in minority and low-income census tracts.

Key federal programs include the Low-Income Housing Tax Credit (LIHTC), which incentivizes developers to build affordable rental homes; the Community Development Block Grant (CDBG), providing flexible funding for local affordable housing initiatives; and the National Housing Trust Fund (HTF), which specifically finances rental housing for extremely low-income households. In 2025, the HTF allocated 223 million EUR nationwide.

The Affordable Housing Credit Improvement Act of 2025 seeks to expand the LIHTC by 50%, unlocking financing for hundreds of thousands of additional affordable units and streamlining processes for underserved groups. These efforts are complemented by state-administered HOME Investment Partnerships, rural housing programs, and targeted supports for veterans, seniors, and people with disabilities. Although discussions continue on reducing regulatory barriers and revising subsidy strategies, actual federal funding and grantmaking remain critical to supporting both affordability and sustainability in the housing sector.

(US: Die Bundesregierung setzt auf Programme wie LIHTC, CDBG und HTF, um bezahlbaren Wohnraum zu schaffen und verfolgt verbindliche Zielvorgaben für die Förderung einkommensschwacher Haushalte. Gesetzesinitiativen wie der Affordable Housing Credit Improvement Act 2025 stärken und erweitern diese Programme gezielt.)

Housing cooperatives in the United States play a modest but growing role within the broader community association sector, which encompasses homeowners associations, condominiums, and co-ops. Community associations house about 77.1 million people, representing approximately one-third of U.S. housing stock. However, the specific share of housing cooperatives is significantly smaller; for context, large co-ops like Co-op City in New York house tens of thousands, but nationally, housing co-ops remain a niche model compared to other ownership types.

The sector is developing gradually, with recent years seeing the launch of initiatives such as the National Co-op Map, which tracks limited-equity cooperatives and highlights gaps and opportunities for new development. Statewide networks like the Washington Affordable Cooperative Housing Network are working to scale up cooperative housing through coalition-building, advocacy, and policy reform, particularly to address the lack of permanent financing and supportive regulation.

Current dynamics are shaped by a renewed policy interest in shared equity models—including limited-equity co-ops and community land trusts—as tools for housing affordability and community control. Expansion remains constrained by financing challenges and the need for more enabling state and federal policies.

At the federal level, cooperative housing development is supported indirectly through programs like the Low-Income Housing Tax Credit and Community Development Block Grants, though there are no major national programs dedicated solely to co-ops. The United Nations' International Year of Cooperatives in 2025 has also brought new attention to the sector, encouraging supportive state-level legislative efforts and broader public awareness.