JPMorgan Commits $750 Billion to U.S. Housing by 2035 as Home Prices Hit $440,660
Updated
Updated · CBS New York · Aug 3
JPMorgan Commits $750 Billion to U.S. Housing by 2035 as Home Prices Hit $440,660
3 articles · Updated · CBS New York · Aug 3
Summary
$750 billion will be deployed through 2035 under JPMorgan's American Dream Initiative to expand U.S. housing supply, finance 1 million affordable units and help 500,000 people buy homes.
A 40% increase in housing capital from the prior decade comes as affordability worsens: the median existing-home price hit a record $440,660 in June, extending a 36-month streak of annual gains.
500,000 buyers targeted by the plan include 200,000 first-time purchasers, with JPMorgan aiming to lift mortgage lending more than 40%, hire 850 home-lending advisers and add loan products for modular and manufactured homes.
States and local communities are central to the effort, with the bank pushing zoning and building-code changes, expanded tax credits and more public-private partnerships to unlock supply.
The initiative lands as homeownership grows harder to reach for many Americans, a pressure JPMorgan says is undermining economic mobility and wealth building.