Press Releases

Today, the House Committee on Financial Services Subcommittee on Housing and Insurance, led by Chairman Mike Flood (NE-01), held a hearing to explore opportunities to expand consumer choice and existing housing supply through the use of innovative housing solutions. Members examined the market and regulatory barriers that affect the development and deployment of these innovative housing products and discussed how policymakers at all levels of government can remove obstacles and unleash greater housing opportunities for American families.

Watch today’s hearing online HERE. 

On the rising costs of homeownership:

• "In my hometown of Little Rock, the median home price has risen over 11% in the past year. This rapid price increase combined with inflation’s impact on financing costs is putting homeownership out of reach for many hardworking Americans," said Chairman French Hill (AR-02).

• According to data from the National Association of Home Builders, the median cost of constructing a new single-family home in 2024 was $428,215. For many Americans, a home built at that cost is simply not affordable," said Subcommittee Chairman Mike Flood.

• "It is no secret that we are facing a serious housing shortage in this country. I hear from my constituents back in the sixth district of Tennessee all the time about their difficulties locating affordable housing. I dare say my colleagues hear the same story. In many areas of our nation, starter homes simply do not exist at an affordable price," said Rep. John Rose (TN-06).

• "One of the most common concerns I hear from my constituents is affordability of housing. With mortgage rates near their highest since the turn of the millennium, a limited housing supply in many communities, and broader affordability concerns across the last several years, it is perhaps the most difficult time to purchase a home in our region's history. At the heart of this crisis is supply. We are millions of units underbuilt in this country and simply not building enough and certainly not fast enough," said Rep. Mike Lawler (NY-17).

On innovative housing solutions:

• "The U.S. housing market has long faced a significant supply gap, particularly for low and moderate income families. While traditional site-built homes have largely dominated, innovative solutions like manufactured, modular, and 3-D printed homes present a promising path to expand affordable housing options," said Rep. William Timmons (SC-04).

Witnesses echoed their support for the work of the Committee.

Bill Boor, President and Chief Executive Officer, Cavco Industries; testifying on behalf of the Manufactured Housing Institute as Chairman of the Board, stated, “Manufactured housing stands out as the most affordable homeownership option for American families. Last year, the average price of a manufactured home was $124,300, significantly lower than the $409,000 average price of a site-built home (excluding land). This is due to greater supply-chain flexibility, regulatory consistency, and lower on-site labor costs. Additionally, the average income for a manufactured home buyer was about $61,000, compared to over $136,000 for a site-built home buyer. Our home builders offer stylish manufactured homes at affordable price points, providing affordable options without compromising on quality or features. ...Manufactured housing offers affordability and quality to consumers by leveraging technological advancements and efficiencies associated with the factory-built process. This approach helps contain costs, improve energy efficiency, enhance safety, and deliver quality homes at affordable prices that our customers consistently report they love. Manufactured housing is unique in that it is the only type of housing constructed to a federal residential building code, regulated by HUD.”

Eric Schaefer, Chief Business Development Officer, Fading West, added, “As of 2025, the United States is estimated to be 3.8 million housing units short, and that number is increasing each year with no clear plan on how to address the root/systemic causes. The increase in the average home price has far outpaced the average Americans earnings over the last 50 years, making home ownership out of reach for most families. Making the problem worse, the productivity of the construction industry, as tracked by the U.S. Department of Labor’s Bureau of Labor Statistics, shows no increase in productivity since the 1940’s. ...Some U.S. states and federal agencies have moved forward with initiatives that successfully address affordable housing issues in their jurisdiction. We also would be remiss in not pointing out a partnership between the North American modular industry and Canada, which has resulted in rapid scale up of affordable housing. ...At the federal level, some U.S. agencies, such as GSA, DOD, DOE, and HUD, have encouraged the use of modular manufacturing in its construction needs, recognizing the cost savings and efficiencies. But modular manufacturing is still not fully integrated as a cost saving complement for federally funded construction projects, such as affordable housing.”

Andrew P. McCoy, Director of the Virginia Center for Housing Research, Professor in the Department of Building Construction, and Associate Director of the Myers Lawson School of Construction, Virginia Tech University, added, “The housing industry faces both opportunities and challenges for innovation. Drivers include increasing risk, demand, environmental pressures, and the presence of emerging technologies. However, barriers like skilled labor shortages, fragmented industry practices, restrictive zoning and regulations, and limited investment in R&D continue to hinder progress. Despite these challenges, housing innovation is a vital tool for economic development that serves industry, government, our education system and main street America. ...In many ways, homebuilding technologies are a public event: the processes of U.S. homebuilding are visible to the general public every day. Innovation creates benefits for consumers (or market spillovers), and the knowledge created by one firm creates value for other firms and their customers (or knowledge spillovers). The combination of this knowledge transfer results in economic and social returns from innovation. Our policy dilemma is that the nation is not reaping the economic and social returns when the industry is not innovating as much as possible.”