Atlanta Fed President Raphael Bostic said "too many" Americans cannot afford housing and highlighted a nationwide supply shortage.

Bostic said in a prepared speech at Tulane University in New Orleans that a family with an annual income of the U.S. median (about $75,000) must spend 41% of its income to own a mid-priced house.

coinmaster60freespinHe said that was "far above" the standard benchmark of affordability.

Bostic said the housing shortage has driven up housing prices and highlighted some local efforts to increase supply.

He made no comments on the U.S. economic outlook or monetary policy in his prepared speech.