The Unaffordable Reality of U.S. Home Buying
The average cost of a home in the US surged from $371,000 in Q2 2020 to $525,000 in Q2 2022, largely due to a significant shortfall in housing construction following the 2007-2009 financial crisis. This shortage, estimated at 4.5 million units, coupled with cautious mortgage lending practices, has made homeownership increasingly unattainable for many, especially younger generations. Addressing this crisis will require substantial time and effort.