Federal Issues

NAR Legislative Priorities

February 11, 2026

Today’s Real Estate Market: Quick Facts

  • Considering the historical average level of housing construction and the 14 years of underproduction, our country still lacks 4.7 million homes.
  • Middle-income buyers are feeling the inventory shortage the most. About 420,000 listings in the price range of $260,000 and under are missing from the market.
  • Homeownership greatly enhances family net worth. Homeowners have 40 times the net worth of renters. Home equity and retirement accounts represent over 60% of households’ net worth.
  • In the last decade, the typical homeowner has accumulated more than $195,000 in wealth due to price appreciation alone.
  • Real estate represents 18.3% of U.S. GDP. Each home sale produces $125,310 in local economic activity and generates two jobs.
  • In 2024, state and local governments collected more than $797 billion in property tax revenue. Property taxes accounted for 38% of state and local tax receipts.
  • Real estate professionals are vital to thriving communities. 88% of REALTORS® are independent contractors at their firms and 65% are women, using their professional expertise to help consumers navigate the intricacies of real estate transactions.
BUILDING HOUSING SUPPLY AND OPPORTUNITY FOR ALL
With an estimated 4.7 million-unit shortage, America is facing a housing inventory crisis. We must unlock supply,
ease market constraints, and make it easier for Americans to find homes they can afford. Increased supply helps
stabilize prices, revitalize communities, and support the American dream of homeownership. Updating America’s
tax law is a key pathway to more supply. REALTORS® also strongly support fair housing laws and are active leaders
in opening up housing opportunities for people of all backgrounds. 

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