That’s one explanation That Statista chart is from May 10, 2022. A followup from Oct 18, 2023 reports the market has cooled somewhat since last year. Nevertheless: While house prices have continuously grown in recent years, incomes have not followed at the same pace. That means that for aspiring homeowners, purchasing a home has become increasingly unaffordable. In a survey among people actively looking to buy a home, one in three millennials cited the high house prices as the main barrier to homeownership. Meanwhile, inflation is on the rise and has forced the Federal Reserve to introduce a gradual increase in interest rates, leading to a double increase in the cost of borrowing. As a result, homebuyer sentiment plummeted, Americans across all age groups agreeing that the current time was not a good time to buy a home. Home ownership is still one of the main ways Americans build wealth. If I were Gen Z, I’d be pissed too. The Redfin chart above is also from summer 2022. But rents are still near record highs today even as pressures have subsided slightly: The rental market has cooled in part because there’s a lot of new inventory, which means landlords are grappling with rising vacancies and have less leverage to raise rents. That’s the reverse of what’s happening in the for-sale housing market, where prices are rising due to an inventory shortage. Listings in the for-sale market have plunged because surging mortgage rates have prompted many homeowners to stay put, as moving would mean trading in…