D.R. Horton Leads in Affordable Homebuilding

Largest U.S. homebuilder focuses on profitability and addressing housing affordability crisis

Mar. 3, 2026 at 8:51pm

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D.R. Horton, the largest homebuilder in the U.S., has a long track record of profitability, a healthy balance sheet, and high return on invested capital (ROIC). The company is focused on addressing the affordability crisis in the U.S. housing market by building more entry-level and affordable homes, with 73% of its homes closed in 2025 priced below $400,000. Despite rising mortgage rates, D.R. Horton remains well-positioned to capitalize on overall home demand across the country through its geographic diversification and strong capital return to shareholders.

Why it matters

D.R. Horton's focus on affordable homebuilding and its industry-leading position make it a key player in addressing the nationwide housing affordability crisis. As new homes have become increasingly unaffordable, D.R. Horton's strategy of building more entry-level and lower-priced homes provides an important option for prospective homebuyers. The company's strong financial position and capital return also make it an attractive investment in the current housing market environment.

The details

D.R. Horton was the largest homebuilder in the U.S. for the 24th consecutive year in 2025, with a 12.7% share of the U.S. new single-family home market. The company operates in 126 markets across 36 states, providing geographic diversification that mitigates regional volatility. D.R. Horton focuses on more affordable homes, with 73% of its homes closed in 2025 priced below $400,000, compared to a national average new home sales price of $498,000. The company also maintains a strong balance sheet, with an industry-leading credit rating, and has generated significant free cash flow, enabling it to return capital to shareholders through dividends and share repurchases.

  • D.R. Horton was the largest homebuilder in the U.S. for the 24th consecutive year in 2025.
  • In calendar 2025, 73% of D.R. Horton's homes closed were priced below $400,000.
  • As of December 31, 2025, D.R. Horton controls 590,500 lots, the most amongst the top 10 volume homebuilders.

The players

D.R. Horton

An American homebuilding company that is the largest homebuilder in the United States, operating in 126 markets across 36 states.

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