The Housing Market's Role in American Discontent and Financial Struggles

The high cost of living, including housing, is the top societal concern for both millennials and Gen Z, with more than half of both generations living paycheck to paycheck. The housing market has never been this unaffordable for new buyers, with the rent-to-income ratio standing at 29.6% in the first quarter. This lack of affordability is pushing an increasing share of young Americans to delay renting their own place, with 68% of 25-year olds living outside their parents' home in 2021, down from 84% in 1980.