[Post 311] Why buying a house in the US is so hard right now

Summary

Homeownership in the US is basically synonymous with the idea of the American Dream. Owning your own home, the story goes, confers both self-determination and security — instead of paying a landlord, you own a growing asset that will form the base of your wealth. Homeownership is ingrained in US society; the majority of American adults are homeowners.

But somewhere along the line, something changed. Homeownership has been way less accessible to millennials and gen Z than it was to their parents, in part because of dwindling housing supply. But even within that generational disparity, 2023 was a uniquely bad year to try to become a new homeowner. Watch the video above to see exactly how bad, and why.