Core Insights - Homeownership rates in the U.S. fell in 2024 for the first time in eight years due to soaring home prices, making ownership unattainable for many [1] - As of early 2025, home prices have increased by 60% nationwide since 2019, with the median existing single-family home price reaching a new high of $429,400 [2] - Rising mortgage rates since 2020 have further exacerbated affordability issues, with the average 30-year fixed mortgage rate increasing from approximately 3.72% in January 2020 to around 6.30% today [3] Housing Market Trends - The increase in home prices and mortgage rates has led to a significant rise in the income required to afford a typical home, estimated at $117,000 for the average American household [3] - Despite the challenges, there are strategies to make homeownership more attainable, such as exploring home-buying assistance programs that can help with down payments and closing costs [5] - Alternative property types, such as condos, townhomes, and smaller single-family homes, can serve as more affordable entry points into homeownership [6] - Expanding the search radius for potential homes can lead to more affordable options, particularly in up-and-coming neighborhoods or suburbs [7]