CBS news | 22:36 08-12-2025 | Finance
Owning a home is increasingly viewed as a luxury, given the dwindling number of affordable houses available in today's market, according to an analysis by Bankrate. In the U.S, where soaring real estate prices are making homeownership virtually unattainable for an average American, a property is no longer simply a domestic premise but a high-end commodity.
The consistent surge in real estate costs has created a significant imbalance between the earnings of most Americans and property prices. This scenario has turned the once generally attainable aspiration of homeownership into something of a privilege, only possible for a narrow segment of the population.
The situation is particularly challenging for potential first-time buyers, who are increasingly priced out of the market. Stricter mortgage lending standards since the financial crisis have also deterred many from the prospect of homeownership, placing it even further out of reach for most.
In a nutshell, the affordability crisis in the US housing market has transformed homeownership from a basic necessity into an elusive luxury. A shift in policy focus towards increasing the availability of affordable housing could potentially rebalance the situation.