The NewsWorthy Special Edition: Housing in Crisis? Costs, Challenges, & Changes Ahead
Sep 6, 2025
Daryl Fairweather, Chief Economist at Redfin, shares insights on the housing market's struggles, revealing how younger generations are bearing the brunt of high prices and mortgage rates. Andy Winkler, Managing Director at the Bipartisan Policy Center, discusses the Road to Housing Act, a potential game-changer for homebuyers and renters alike. They dive into shifting regional trends post-pandemic and examine the legislative efforts aimed at making housing more affordable, emphasizing the urgent need for bipartisan cooperation to address the crisis.
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Market Freeze From High Rates
- High mortgage rates and elevated prices froze the housing market starting in 2023 and cut transactions dramatically.
- Sellers hold locks on pandemic-era low mortgages, reducing inventory and creating a buyer's market imbalance.
Chronic Supply Shortage
- The housing affordability crisis predates the pandemic due to a supply shortfall of roughly four million homes.
- Mortgage rates worsened the short-term pain but the supply gap is the deeper, long-term problem.
Young Buyers Most Squeezed
- Younger generations face the biggest barrier because they must borrow more and lack home equity to cushion high rates.
- Median age of first-time buyers hit 38 and the share of first-time buyers is at a record low.