This episode contains strong language.

When Drew Mena and Amena Sengal decided to relocate their young family from New York to Austin, Texas, they figured they’d have no problem.

What they hadn’t realized was that, across the country, home prices — and competition to secure properties — had risen to jaw-dropping levels.

Guest: Francesca Mari, a contributing writer for The New York Times Magazine and a fellow at the think tank New America.

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Background reading:

Soaring demand, pinched supply, regular buyers acting like speculators … will real estate ever be normal again?

For more information on today’s episode, visit nytimes.com/thedaily. Transcripts of each episode will be made available by the next workday.

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