"Renting Surpasses Buying as the More Affordable Housing Option Nationwide"

The housing market is facing a standstill as home prices have doubled in the last decade, affordability has plummeted, and high interest rates have inflated monthly mortgage payments. Sellers are reluctant to move due to the same high interest rates, resulting in a shortage of homes for sale. Additionally, the housing supply has been constrained by cautious homebuilders following the financial crisis, and the aging baby boomer generation is staying in their homes longer. As a result, many potential buyers, particularly millennials and Gen Z, are feeling frustrated and priced out of the American Dream of homeownership.