Rising Home Prices: Home prices have surged in many areas, driven by low inventory, high demand, and inflation
Lack of Affordable Housing: There is a significant shortage of affordable housing options, particularly in urban areas where demand is high
Increased Rent Costs: Alongside rising home prices, rental costs have also increased sharply, pushing many renters further from homeownership
High Mortgage Rates: Recent increases in mortgage rates have made home financing more expensive, reducing affordability for potential buyers
Supply Chain Issues: Construction delays and higher costs for building materials have hindered the development of new housing
Impact on First-Time Buyers: First-time homebuyers face significant barriers due to high home prices and mortgage rates
Displacement and Gentrification: Rising property values and redevelopment efforts in many cities are leading to displacement of lower-income
Government and Policy Responses: Various government programs and policies are being proposed or implemented to address