For decades, the U.S. has pursued a "homeownership at any cost" housing policy. As evidence mounts that we have pushed the homeownership envelope too far, the time has come to adopt a more balanced housing policy that promotes healthy and livable communities by encouraging a variety of housing options.

AMERICA NEEDS APARTMENTS

• Cities ignore apartments at their own peril. The U.S. will need 60 million new housing units by 2030 to accommodate expected population growth.
• If we want to accommodate that growth without giving up our green spaces and without adding pollution and traffic congestion, we need more compact development that includes apartments in the mix. We can also save $100 billion in infrastructure costs if we pursue more compact development.

HOMEOWNERSHIP DOES NOT ALWAYS MAKE FINANCIAL SENSE

• Half of all owners could have saved money by renting comparable housing. It costs on average $692 less per month to rent than own.
• Many policymakers incorrectly assume that homeownership is the best way to help families gain wealth. For the first five years of ownership, up to 90% of a monthly mortgage payment is just interest. Unfortunately, one-third of all homeowners move within five years, before they start building equity.
• Over the long-term, stocks are a better investment than housing. From 1963 to 2007, the stock market has outperformed the housing market.

APARTMENTS ARE A PREFERRED LIFESTYLE CHOICE FOR MANY

• American lifestyles have changed. We are busier and more mobile than ever before. Many households prefer apartments for the conveniences, amenities, shorter commutes and financial freedom they offer. Yet, policymakers want them to buy a house. Why?
• America's tagline may be "a nation of home owners," but one-third of our citizens are

APARTMENTS ARE A "GREEN" SOLUTION

• Apartments are more environmentally sustainable, resource-efficient and energy-efficient than other housing types. They help preserve open space, protect natural resources and reduce air and water pollution. In fact, apartment households generate 30% to 40% fewer vehicle trips than single- family houses.
• Experts now say that more compact development patterns, such as apartments, could do as much to lower greenhouse gas emissions as many of the climate policies being promoted by state and national politicians.

APARTMENTS ARE THE SMART AFFORDABLE HOUSING SOLUTION

• Apartments are a more cost effective solution to America's affordable housing shortage. Did you know that it now costs an average of $692 less per month to rent than to own?
• Despite the cost advantages of renting, less than one-quarter of the nation's $199.5 billion in 2006 federal housing subsidies benefited renters.

APARTMENTS ARE A NATIONAL RESOURCE

• When Hurricane Katrina destroyed nearly 417,000 homes, the apartment industry stepped forward to provide free apartments, short-term leases, lower rents and waived application fees.
• Apartments also offered disaster-relief officials a source of immediate and affordable housing. The average apartment cost less than half the average $1,770 monthly hotel rate FEMA paid.

AMERICA WANTS APARTMENTS

• Changing demographics are driving demand for apartments to new levels. By 2020, only 20% of households will be married couples with children.
• The fastest growing population groups-people in their mid-20s and empty nesters in their 50s-are the ones most likely to rent an apartment in a pedestrian- friendly mixed-use community.