It’s the worst of times for young Americans looking to buy a home.
Already wracked by years of economic chaos, rapid inflation, and dwindling early-career job prospects, Americans in the millennial and Generation Z cohorts are now facing an affordability crisis when it comes to homes.
While prices are rising for most everything in the United States, the price of both a new home and rent has skyrocketed since 2020—both are up by 25 percent or more.
Economists who spoke with The Epoch Times said that a slowly falling mortgage rate will help alleviate the crisis, but the only realistic solution requires building millions of new, affordable homes….