John Thune: “Home ownership--that quintessential part of the American dream--has become increasingly unattainable for a lot of…”

“Home ownership--that quintessential part of the American dream--has become increasingly unattainable for a lot of Americans and for younger Americans in particular. The New York Times reports that home prices have surged roughly 50 percent since the pandemic, and mortgage rates have also risen. A December 2025 article from the New York Post notes: A new Bankrate analysis has found that more than 75% of listings nationwide are out of financial reach for a median-income family, despite annual earnings hovering just under $80,000. To swing a median-priced home in 2025, buyers now need to earn roughly $113,000 a year, which is a gap that's turning the starter-home dream into a math problem few can solve. Let me just repeat that... a gap that's turning the starter-home dream into a math problem few can solve. With these kinds of numbers, it is no surprise that the typical age of first-time home buyers has reached an all-time high of age 40 or that in a recent New York Times poll 25 percent of registered voters listed housing as their biggest financial worry--the only category to get more than 20 percent. That number was even worse for young people, with more than 50 percent of registered voters between the ages of 18 and 29 putting housing at the top of their financial worry list.”