Plain English with Derek Thompson The New Geography of Housing in America
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Jul 30, 2025 
Conor Sen, a Bloomberg columnist specializing in housing and the economy, dives into the unprecedented challenges facing America's housing market. He discusses alarming trends, like the median age of first-time homebuyers climbing to 38 and all-time highs for overall homebuyer ages. The conversation highlights how the pandemic has reshaped housing dynamics, creating stark regional disparities, skyrocketing prices, and increasing mortgage rates that deter potential buyers. Sen also reflects on younger generations turning to meme stocks and crypto as alternatives, signaling a potential shift in financial priorities.
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Nested History of Housing Crisis
- Home affordability crisis stems from 50 years of restrictive zoning laws, a 20-year construction slump, and a 5-year pandemic-driven surge in demand and costs.
- These nested crises have made homebuying exceptionally hard for those under 40 today.
Atlanta's Affordability Erosion
- Atlanta's growth stalls because high home prices and mortgage rates erode its affordability advantage over Northeastern states.
- People move farther out or to smaller metros where costs and commutes are less daunting.
Two Americas in Housing Prices
- U.S. housing markets have split into two: prices rise in Midwest/Northeast but fall throughout much of the South and West.
- This reflects differing supply elasticity and migration patterns in these regions.