Housing Market Standstill: With Prices Doubled and Rates High, Homeownership for Many Remains Out of Reach

Home prices have doubled in the last decade, making buying a house unaffordable for many. Housing affordability is at its lowest level since the 1980s.

High interest rates have exacerbated the affordability crisis by ballooning monthly mortgage payments. This has scared away buyers and prevented sellers from listing their homes.

The housing market is now "frozen" with historically low home sales. There's a "standoff" between buyers and sellers.

The homebuilding industry never fully recovered from the 2008 financial crisis, contributing to an ongoing shortage of housing inventory.

Younger generations increasingly feel that homeownership - once considered part of the "American Dream" - is out of reach. This could force a societal reckoning about prioritizing affordability.