Record-High Home Prices and Low Inventory Create Affordability Crisis, Locking Many Out of Homeownership

Buying a home has never been more expensive and inventory is at an all-time low, making it very difficult for many Americans to purchase a home.

Millions are "locked into" low mortgage rates and unwilling to give them up by selling and buying another home at a much higher rate.

Inability to buy a home is negatively affecting public perception of the economy and Biden's handling of it, even with low unemployment.

Biden has proposed tax credits and a plan to build over 2 million new homes to help address affordability issues.

Economists say a mortgage rate cut could provide a boost but the Fed seems reluctant; the best long-term solution is building more housing supply.