The U.S. housing sector is currently characterized by record-high asset valuations and a significant deficit in affordable inventory, exacerbated by rising regulatory expenditures.

美國住房部門目前的特徵是資產估值創下紀錄新高，且由於監管支出增加，導致可負擔房屋嚴重短缺。

Quantitative data provided by the National Association of Home Builders (NAHB) indicates that regulatory compliance costs now average $131,734 per new construction unit, constituting 26.4% of the median sale price of $499,500. This represents a 40% increase since 2021, the most substantial rise recorded in the organization's longitudinal data since 2011. The NAHB posits that these fiscal burdens contribute to a structural deficit of 1.2 million residential units. Geographic variance is noted, with southeastern jurisdictions exhibiting lower regulatory costs compared to the Northeast and West Coast.

根據全美住宅建築商協會 (NAHB) 提供的量化數據，目前每單位新建築的監管合規成本平均為 131,734 美元，佔中位數售價 499,500 美元的 26.4%。這代表自 2021 年以來增加了 40%，是該組織自 2011 年以來縱向數據中記錄的最大增幅。NAHB 認為這些財政負擔導致了 120 萬個住宅單位的結構性短缺。地理分佈則有所不同，東南部管轄區的監管成本低於東北部和西海岸。

Concurrent with these supply-side constraints, the National Association of Realtors (NAR) reports that the median price for existing homes reached $440,660 in June, marking 36 consecutive months of appreciation. This upward trajectory is compounded by stagnant wage growth and elevated mortgage rates, resulting in a scenario where a substantial proportion of non-homeowning households lack the requisite income to acquire entry-level properties. Redfin estimates the annual income necessary to sustain an average home purchase at approximately $117,000.

與這些供給端限制同時發生的是，全美房地產代理協會 (NAR) 報告指出，現有房屋的中位數價格在 6 月達到 440,660 美元，標誌著連續 36 個月的增值。由於工資增長停滯以及房貸利率高企，這一上升趨勢更加劇烈，導致很大比例的非自有住房家庭缺乏購買入門級房產所需的收入。Redfin 估計，維持購買平均水平房屋所需的年收入約為 117,000 美元。

Legislative efforts to mitigate these conditions have culminated in the 21st Century ROAD to Housing Act. This bipartisan measure seeks a rapprochement between construction efficiency and affordability through the streamlining of permitting processes and the restriction of institutional acquisitions of single-family residences. However, the implementation of this act is currently suspended; President Trump has conditioned his signature upon the passage of the SAVE America Act, thereby placing the housing legislation in a state of political suspension.

緩解這些情況的立法努力促成了《21 世紀住房道路法案》。這一跨黨派措施試圖通過簡化許可流程和限制機構收購單一家庭住宅，在建築效率與可負擔性之間達成和解。然而，該法案的執行目前處於暫停狀態；川普總統將其簽署條件設定為必須通過《拯救美國法案》，從而使住房立法陷入政治停擺狀態。

The U.S. housing market remains constrained by high regulatory costs and record prices, while the primary legislative remedy remains pending executive approval.

美國住房市場仍受限於高昂的監管成本與紀錄高價，而主要的立法救濟方案仍待行政部門批准。