Housing Cost Burden Reaches Decade-Long Peak, Straining Homeowners

Homeownership is becoming less affordable for many Americans, especially younger buyers and older adults trying to age in place. Between 2019 and 2023, the number of cost-burdened homeowners rose by 3 million to 16.9 million, with nearly one in 10 now spending more than half their income on housing. While middle-aged homeowners are faring better, continued financial strain on both ends of the age spectrum could reshape housing demand and free up inventory as older adults consider downsizing.