Affordability Breaking Point 

The Housing Crisis Crushes Many American Dreams

Chase Tuller
May 8, 2026

 

What comes to mind when picturing the American Dream? For many, it’s owning a home, a decent-sized backyard, or even just having the space and stability to build a life. We all share a core human need: having a roof over our head. Yet today, that goal—which is also a human right—is becoming increasingly difficult to achieve.

My roommate and I pay more than $2,800 a month for a 900-square-foot apartment near our universities. The property is owned by a major investment firm, and when we asked why the rent was so high, we were told it was necessary to “maintain market value.” The problem is that companies like this control much of the housing market itself. They buy up properties, so they can hike prices and turn a profit at our expense. They are not just reacting to the market, they are shaping it, in a way that harms all of us.

For many young people, this has become the new reality of the housing market. Americans are navigating one of the most severe housing affordability crises the country has ever faced. Home prices have skyrocketed while wages have remained relatively stagnant. Interest rates are significantly higher than they were just a few years ago, making mortgages increasingly difficult to obtain.

The result is record levels of housing unaffordability. Over half of Americans report struggling to pay their rent or mortgage, with Gen Z hit the hardest. What does it say about the future of the American Dream when our young adults are the first generation in U.S. history projected to have less financial prosperity than the generation before them?

According to Harvard University’s Joint Center for Housing Studies, home prices now average nearly five times the median household income. At the same time, the average age of first-time homebuyers in the United States has increased to around 40 years old. In 1987, the age was just 29. 

When housing costs rise beyond what most families can reasonably afford, the consequences extend far beyond the housing market itself. People struggling to keep up with rising rent or mortgage payments are also more likely to struggle to afford other basic necessities such as food, healthcare, transportation, and education. The affordability crisis is not limited to housing alone, but addressing housing costs would certainly be a meaningful place to start. 

The Senate recently passed what could become the most comprehensive housing legislation in more than a decade. The 21st Century ROAD to Housing Act has garnered bipartisan support and represents a feasible attempt to address the housing crises. 

If enacted, the bill would introduce several reforms that expand housing supply and improve affordability. It includes pilot programs that provide grants and forgivable loans to address home repair needs and health hazards. It also cuts bureaucratic red tape, empowering state, local, and tribal governments to streamline development reviews and build more housing where it is needed most. 

Another commonsense provision focuses on limiting large institutional investors from purchasing single-family homes in bulk, helping ensure that families, not corporations, have a fair chance at homeownership opportunities. 

While the bill has already passed in the Senate, its future depends on action in the House. In today’s political environment, even broadly supported legislation can stall without sustained pressure. One of the most effective steps citizens can take is contacting their representatives. Whether through an email, phone call, or letter, sharing personal experiences with housing costs can influence lawmakers’ decisions and help push this legislation across the finish line.  

People are reaching a breaking point when it comes to housing affordability. Passing the 21st Century ROAD to Housing Act will not solve every problem overnight, but it would be a meaningful step toward protecting one of the most fundamental promises of the American Dream: the chance for every American to have a place to call home.

Tell Congress: Support Housing Affordability, Expand Our Country’s Housing Supply!

Chase Tuller is a student at John Carroll Universal in Cleveland and a Sr. Carol Coston Fellow in NETWORK’s Young Advocates Leadership Lab (Y.A.L.L.).