The bank announced this summer it would deploy $750 billion into the housing market through 2035. Its "American Dream Initiative" aims to build or preserve 1 million affordable housing units and help 500,000 customers purchase homes, 200,000 of them for the first time.

It's not alone. Wells Fargo, Citibank, and Bank of America—which, with JPMorgan, comprise the "big four" of American finance—have each announced major housing initiatives. And, like the $5 trillion JPMorgan Chase, they're directing tens of billions toward the problem.
 

The nationwide housing supply shortage, as well as rampant pessimism among young people, make the issue too big to ignore, says Sam Sheets, a strategy executive for Community & Affordable Lending at JPMorgan Chase.

"At the end of the day, it's a function of supply and demand," Sheets says. "Supply is the big issue—and supply of homes at the right price point."

Housing has long been a major focus for banks. Bank of America, for instance, has provided $15 billion in loans and grants since 2019 to support down payments, closing costs, and affordable mortgage options for homebuyers. It partners with 300 housing counseling groups in the process.

But banks are now also expanding their support for efforts like zoning reform, building code changes, and new homebuilding in an effort to restore affordability to the housing market—and potentially expand the pool of mortgage borrowers, which has been shrinking lately.

"It's driven by slower new construction but also just a lock-in effect, which has forced families to stay put when they would have moved and upsized," Sheets says.

The business case for bank intervention

Reading between the lines, banks may be concerned about the decline in mortgage business in recent years. The number of mortgage originations at large banks has hovered below 500,000 for the past three years, well below the million-plus levels typically seen before the pandemic, according to tracking from the Philadelphia Fed.

The sharp drop-off in big bank mortgages is due in part to increased competition from specialty lenders, but the main culprit may be the overall decline in homebuying activity since 2022.

Bernard Nossuli, COO at lending data company iEmergent, notes the mortgage business has been racked by the uncertain market, including high interest rates and limited signals from the Federal Reserve about when that might change.

.Roughly 581,000 home purchase loans were originated from January through March 2026, down 19% from the previous quarter and a 12-year low. With many younger buyers priced out, and older buyers "locked in" to homes with low rates, supply-side solutions seem to be the easiest lever to pull right now.

But while those policies might seem straightforward, "the reality is a lot more complicated than that," Nossuli says

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When it comes to moving to a new destination, it may sometimes seem like you have only two choices: either pick a large city or settle down in a sleepy small town. But the reality is, there are hundreds of smaller cities—which we define as those with populations between around 25,000 and 100,000—with tight-knit communities, well-rounded amenities, and relatively affordable real estate markets.

“When evaluating the best small cities to live in and own real estate, I look for a strong job market, safe and desirable neighborhoods, ample access to outdoor activities, and demand to allow for continual improvement, yet never lose the charm of the city,” says Brett Johnson, a Colorado real estate investor and founder of New Era Home Buyers. Below, Johnson and real estate experts from across the United States share their top picks for the best small cities to call home.
 

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Caldwell, Idaho

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The Boise metropolitan area has seen a steady increase in population as of late—and Jordan Del Palacio, a Washington-based home loan specialist with Churchill Mortgage, says the growth is also “starting to trickle out to the western suburbs,” including Caldwell. “Homes in Caldwell are priced less than Boise proper, with new construction being built and sold for reasonable prices,” he says. “Traffic is generally low in the metro, and everything from downtown to the airport is a reasonable drive. Additionally, there have been major business investments in the area, such as the semiconductor industry, which provides good, higher-paying jobs relative to the area’s cost of living.”

The average home value in the city is about $400,000—about $100,000 less than Boise. “Combining this with the property tax break you get for making this your primary residence, this is an affordable area to live that should grow and improve over the next 10 years,” he adds.

Roswell, Georgia

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If Atlanta feels too big and busy for your taste—but you still want a somewhat comparable lifestyle—you may enjoy Roswell, Georgia. “Roswell stands out for its blend of historic character and modern energy just outside Atlanta. Its walkable downtown is anchored by local restaurants, shops, and preserved architecture that give the city a strong sense of identity,” says Amy Nease, a global real estate advisor with Premier Sotheby’s International Realty. “Outdoor access along the Chattahoochee River adds to its appeal, offering a balance of nature and community. It’s ideal for those seeking connection, convenience, and a vibrant local culture.”

Roswell’s appeal is far from under the radar, though. Its location, top-rated schools, and high quality of life fuel the real estate market. According to Zillow, the average home value in Roswell is about $660,000.

Longmont, Colorado

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“One of the best-balanced small cities I see right now is Longmont, Colorado. It has a great job base, good schools, two hospitals, and over 90 miles of trails,” says Johnson. “Longmont is a very practical and active place to live with a Boulder County address, without the higher-than-necessary housing costs that are required in the city of Boulder. Places with real jobs and lifestyle value tend to hold value very well.” Longmont, population just over 100,000, has an average home value of around $550,000. Boulder, a 30-minute drive away, has an average home value of over $950,000.

Newport, Rhode Island

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Newport, Rhode Island, is a small New England city with prestige, glamour, and nautical heritage—making it an incredibly picturesque place to call home.  “Families get a mix of history and coastal living. It’s walkable, so that is a benefit, especially with kids,” says Katy McBrayer-Lynch, global real estate advisor at Premier Sotheby’s International Realty. “There’s also something about the changing of the seasons here that people love. Coming from a Florida perspective, it gives the year a rhythm you don’t always get in warmer places.” It might be one of the best small cities in the U.S., but it’s not the cheapest. Payscale estimates the cost of living in Newport is 29 percent higher than the national average.

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Independent
By Izadora Hamm


Purchase Expands Tech Giant’s Existing Footprint in City, Where It Operates Quantum AI Lab

Google’s Goleta footprint is expanding. 

On August 5, Hayes Commercial Group, a Santa Barbara–based commercial real estate brokerage, reported that the tech giant had purchased an 83,356-square-foot campus spanning 147 and 153 Castilian Drive, near the intersection of Los Carneros Road and Hollister Avenue, for $32.5 million.

The purchase adds to Google’s existing presence in Goleta, bringing its current footprint to approximately 300,000 square feet, according to Hayes Commercial Group.

The two-building property sits on roughly five acres at the entrance to Santa Barbara Research Park, an R&D and technology corridor that is home to aerospace, defense and technology companies, according to Commercial Property Executive, a news and digital media outlet covering the U.S. commercial real estate industry.

Less than a mile from the newly acquired property, Google also leases space at 6868 Cortona Drive and operates a Quantum AI lab at 301 Mentor Drive — both locations are connected to Google’s work with UC Santa Barbara on quantum computing research, Commercial Property Executive reported.

According to Google, quantum computers use quantum bits, or qubits, rather than the traditional bits used by classical computers. While a classical bit represents either zero or one, a qubit can exist in a combination of both states. 

Google says the technology could eventually allow computers to tackle certain problems exponentially faster than classical computers.

Google’s Quantum AI campus in Santa Barbara brings together research, quantum hardware development, and a fabrication facility as the company works toward building large-scale, error-corrected quantum computers, according to Google.

The deal adds to Google’s growing presence in Goleta, strengthening its foothold in a city that has long been home to research, technology, and innovation.

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