Priced Out: The American Dream Faces a Housing Reality Check

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Many people grow up dreaming about their dream home—a white picket fence, a three-story Cape Cod, and a spacious backyard for Fido to run. However, did you know that the average family can no longer afford a home in over 99% of the country (ATTOM Report, 2023)? This isn’t talking about their dream home, but having a home in general. What’s happening in society?

Not only has housing affordability in the U.S. reached a crisis level, but it has also continued to worsen over the last few years. Record-high prices, inflation, and limited inventory are locking millions of Americans out of homeownership. While the average age for marriage is 30 for men and 27 for women, slightly higher than decades past, this lockout of ownership is especially impacting younger generations. Even middle-class families are facing challenges once limited to low-income households.

According to CBN, this problem is fueled by too many buyers and not enough homes. But the bigger issue is this: there’s a huge difference between what people earn and what they need to afford housing. “From 2020 to 2025, the housing wage has grown over ten dollars — that is insane,” said Zoe Newmann with the Utah Housing Coalition.

Not only are houses more expensive, but mortgage payments in many cities have nearly doubled. First-time home owners are lucky if they find a house they can afford in an age of ever-increasing goods, services, and inflation. More serious than owning a home is the fact that “The lack of affordability is also delaying generational milestones, as many young people put off buying a home – or even starting a family.”