The supply shortage dates back to the Great Recession, which dealt a major blow to new home construction. Since then, construction has slowly increased, but failed to keep pace with demand, resulting in a shortage of at least 1.5 million homes.
Freddie Mac economists noted, 'Therefore, not only do people seeking to buy their first home have to navigate an expensive market, but they also have to compete with more first-time buyers as supply continues to trail demand.'
As the report states, 'Less affordable housing is acutely felt by those seeking to buy their first homes, especially those without substantial wealth at their disposal,' indicating the challenges low-income buyers face in the current market.
LendingTree's survey reveals a stark sentiment among renters: 'More than half of renters fear the dream of home ownership is out of reach, with 62% saying they worry they'll never be able to own a home.'
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