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- Millions want to own but can't: What's being done to address the housing crisis?</p>
<p>July 16, 2025 at 9:56 PM</p>
<p>A for sale is displayed outside a home. (Mike Stewart/AP)</p>
<p>Despite a strong desire to own homes, millions of Americans are still renting. So, what initiatives is Washington implementing to help make homeownership a reality?</p>
<p>One significant barrier to homebuying remains high interest rates. President Trump has intensified his criticism of Federal Reserve Chairman Jerome Powell in recent weeks.</p>
<p>"Jerome Powell has been very bad for our country," Trump recently stated. "We should have the lowest interest rate on earth."</p>
<p>The Federal Reserve last cut rates in December. In contrast, Europe has seen eight interest rate cuts over the past year.</p>
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<p>With another Fed meeting approaching at the month's end, Powell attributes the ongoing pause to uncertainty surrounding Trump's tariff policy. While Trump hasn't directly attempted to fire Powell, he has mentioned that Powell's term ends in May 2024 and has hinted at naming a successor who may align more closely with his administration's views.</p>
<p>Credit scores also play a role in homebuying policies. Earlier this month, Fannie Mae and Freddie Mac introduced a new policy considering potential buyers' rent payment history, which could assist those looking to enter the housing market.</p>
<p>Secretary of Housing and Urban Development Scott Turner acknowledged the ongoing housing crunch. In a recent interview with the Scripps News Group, he expressed his commitment to reducing regulations to promote the construction of affordable homes.</p>
<p>"Taking down regulations is of utmost importance," he said.</p>
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<p>However, not all legislative measures have eased housing costs. The National Association of Homebuilders has warned that tariffs could inflate the expense of home construction. Still, Republicans in Congress are optimistic that the recently passed One Big Beautiful Bill will provide some relief.</p>
<p>While the new legislation does not offer down payment assistance, it does make permanent a deduction on mortgage interest and reinstates a deduction for certain private homeowners insurance policies. Homeowners will also benefit from a heightened deduction for state and local property taxes.</p>
<p>Bill Conners, a first-time homebuyer from heavily taxed Southern California, expressed optimism about the changes. "This bill has actually made it a lot easier for people to afford a house," he said.</p>
<p>This story was initially reported by a journalist and has been converted to this platform with the assistance of AI. Our editorial team verifies all reporting on all platforms for fairness and accuracy.</p>
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