For many Filipinos, the realization of the vision of owning a decent structure, which may be called a home, has been an elusive dream. Although the government has launched a series of housing programs over the past decades, the gap between the people’s housing needs and the supply of housing does not seem to have been reduced. This scenario is attributed to interrelated factors. In any case, the government has embarked on a more active and more coordinated policy towards housing. The study analyzes the major aspects of supply and demand for housing, and in the process, identifies specific housing problems and their underlying causes. A historical description of the housing situation is presented and this brings to the fore the affordability of households and housing cost. Likewise, there is an attempt to estimate the income and price elasticity of housing demand. These are all in the hope of clarifying various issues in the Philippine housing problems and providing insights into policy making and planning in this vital sector of our society.