RESOLVING THE LEDGER
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See the full story · 1 sourcesThere’s a moment in the homebuying process that always stands out for me. It’s at closing when, after countless pages have been signed, my clients take their new keys and start the next chapter of their lives. I’ve helped clients buy and sell thousands of properties during my real estate career. Yet that moment never loses its meaning because it’s the embodiment of the American Dream — of unlocking opportunity and a brighter future.
At the 250th anniversary of our founding, however, the path to homeownership has grown far harder than it should be. From inventory to insurance and regulatory hurdles, there are very real affordability barriers preventing buyers from entering the housing market.
Making the 21st Century ROAD to Housing Act a law is a massive step in the right direction, but there is more work to do, and we need to maintain momentum. Homeownership puts families on the path to intergenerational wealth, strengthening our economy and the social fabric of our nation. The most important part is to now act on the opportunity.
THE AMERICAN DREAM NOW COMES WITH A ZIP CODE: HERE'S WHERE STARTER HOMES ARE STILL WITHIN REACH
Americans across the board increasingly recognize the importance of homeownership. A recent national poll of voters commissioned by NAR found that 85% of respondents say owning a home is part of the American Dream, up from 79% who were asked that same question in 2013. It’s understandable why: homeowners have 40 times the net worth of renters. In fact, home equity and retirement accounts represent over 60% of American households’ net worth.
Yet, too many barriers to homeownership exist. Sadly, this isn’t new. My father had to contend with redlining and discriminatory covenants, conditions and restrictions. But his persistence in the face of prejudice laid a groundwork of intergenerational wealth through homeownership and real estate investment . In doing so, it expanded what was possible for our family.
My father built a business as a REALTOR®, bringing that transformative power to others, and my brother and I followed suit. We saw firsthand how homeownership strengthens families, communities and the economy. This is the thread that ties my family’s story together and countless others.
THE SURPRISING HIDDEN COST QUIETLY ADDING NEARLY $132K TO NEW HOME PRICES REVEALED
Now, to fix today's problem, it helps to identify it clearly. Ten years ago, there were 1.65 million available homes , and buyers could lock in a mortgage rate at 3.7%. Today, inventory stands at just 1.18 million homes, despite 20 million more people living in the United States, and mortgage rates are hovering north of 6%.
This is a concerning reality. As president of the National Association of REALTORS®; I’ve watched the path to home ownership grow longer and steeper. Our 2025 Profile of Home Buyers and Sellers shows that the median age of a first-time buyer is 40, the highest on record in the United States.
This is also personal for me. My own children are in their 20s, I know the struggles of first-time buyers trying to break into the market due to the lack of affordable homes. I see it when I counsel young people looking for a pair of house keys to call their own.
There is no quick fix. But there is a path forward — one that requires taking on the full set of forces shaping the housing market. This means addressing financing, expanding supply, tackling rising insurance costs, zoning restrictions, protecting access to inventory and breaking down barriers that keep Americans from owning a home.
This is one of the reasons why NAR was such a full-throated supporter of the 21st Century ROAD to Housing Act. It took immense effort on the part of many stakeholders, representing the kind of comprehensive action that can expand the dream of homeownership to more Americans.
In every ZIP Code across the country, this law gives communities new tools and resources to plan and build for growth, streamlining federal processes that delay construction, and updating financing options for manufactured and rural housing. It’s a package of nearly 50 individual bills that together will make an impact for years to come.
But now is the time to step on the gas when it comes to addressing federal, state, and local policies that have adverse effects on homeownership. Take rent control as an example: we know that affordability is a real concern, but these rent control measures do not work, discouraging investment and limiting housing supply.
That’s why we worked alongside state and industry stakeholders to successfully challenge the statewide rent control ballot measure in Massachusetts, advocating instead for policies that expand housing availability and improve affordability over the long term.
A similar rationale underpins our ongoing advocacy against the "Home Equity Tax" that is freezing our housing market. Current capital gains exclusion levels haven’t been updated in nearly 30 years or indexed to inflation.
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The result is that more and more middle-income Americans fall victim to this tax each year and choose to stay put, with first-time buyers and families facing higher prices. Through new original research, polling and advocacy with policymakers, we're making the case that modernizing these thresholds would help unlock existing housing supply and improve opportunities for buyers. This legislation would have immediate effect and is the fastest way to get more homes on the market now.
At its core, homeownership is about more than having a place to call your own . It’s a foundation for financial stability, wealth building and community well-being. It drives economic strength. The numbers back this up; real estate represents nearly one-fifth of U.S. GDP, and each home sale produces $125,310 in local economic activity and generates two jobs. It’s that straightforward.
At our nation’s 250th anniversary, I am clear-eyed about the challenges that homebuyers and sellers...
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