The housing market keeps getting worse. Home prices have risen more than 50% since the pandemic. About a third of Americans households now spend more than 30% of their income on housing. In 2014, the median age of a first-time homebuyer was 31. In 2025, it was 40 — the highest on record.

The core of the problem is simple: Too much money chasing too few homes. How many more homes does America need? I’ve seen estimates ranging from 2 million to 5 million. It’s a shortage decades in the making — and one we’re nowhere near on track to solving. In 2025, America built fewer homes per 100,000 people than it did in 2005, 1995, 1985 or 1975.

Every White House since President Barack Obama’s administration has recognized the need to build more homes but the results, under both Democrats and Republi

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