For many millennials, buying a home has become almost entirely out of reach. Average 30-year mortgage rates are hovering around 7 percent — the highest they’ve been since 2007 — largely because of the Federal Reserve’s efforts to tame inflation.

David Leonhardt, a senior writer for The New York Times, discusses whether it is time to change how we think about buying vs. renting.

Guest: David Leonhardt, a senior writer for The New York Times. He writes The Morning, The Times’s flagship daily newsletter, and also writes for Sunday Review.

Background reading: 

• Are you ready to buy a home? Should you rent? Take our quiz.
• From Opinion: Millennials are hitting middle age — and it doesn’t look like what we were promised.
• The New York Times’ review of David Leonhardt’s book “Ours Was the Shining Future.”

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