The American Dream in Crisis: How Housing Unaffordability Threatens Our Fundamental Liberties

The Alarming Data: A Nation Priced Out of Homeownership

A comprehensive analysis from ATTOM, a leading real estate data firm, reveals a distressing reality that should alarm every American who values economic freedom and the pursuit of happiness. The report demonstrates that residential properties in 99% of U.S. counties analyzed were less affordable during the last three quarters of 2025 than their historical averages dating back to pre-Great Recession levels. This isn’t merely a statistical anomaly; it represents a fundamental breakdown in one of America’s core promises—the ability for hardworking citizens to achieve property ownership.

The scale of this crisis is staggering: of the 594 counties with sufficient data for analysis, 586 showed declined affordability. The national median home price reached a record high of $365,000, requiring an income of $86,374 just to keep housing expenses below the recommended 28% threshold. Even more concerning, in 74% of counties analyzed, home expenses exceeded this standard threshold, effectively making homeownership unaffordable for the average wage earner. The data reveals a particularly severe situation in counties like Kings County, New York, where housing expenses consumed a shocking 103.1% of typical wages—a mathematical impossibility that speaks volumes about our distorted housing market.

The Stark Reality: Numbers That Tell a Tragic Story

The methodology behind these findings is both rigorous and revealing. ATTOM measured affordability by comparing annualized weekly wage data against the income needed to cover expenses for a median-priced home, including mortgage payments, property taxes, insurance, and association fees. This analysis assumed a 20% down payment and applied the standard 28% debt-to-income ratio that financial experts recommend for sustainable homeownership.

Consider the specific cases that illustrate this national crisis. In Clark County, where the annual typical wage was $66,105, homeowners in the last quarter of 2025 would have had to dedicate 42% of their income to housing expenses—a dramatic increase from the historical average of 31.7%. Washoe County presented an even grimmer picture, with housing consuming 48.4% of the typical $70,954 annual wage compared to a historical average of 38.9%. These numbers aren’t abstract statistics; they represent real families making impossible choices between housing stability and other necessities.

Perhaps most telling is the five-year trend that ATTOM CEO Rob Barber highlighted: “Over the past five years, home price growth has nearly doubled wage growth.” The data confirms this devastating divergence—median home prices have increased by 54% while wages have grown by only 29%. This represents nothing less than a systematic transfer of wealth opportunity away from working Americans and toward those who already control capital and property.

The Constitutional Crisis of Economic Liberty

When we examine this housing affordability crisis through the lens of constitutional principles and democratic values, the picture becomes even more disturbing. The right to property ownership is deeply embedded in the American experiment—not as a luxury, but as a fundamental component of economic liberty and personal autonomy. The Founding Fathers understood that property rights were essential safeguards against government overreach and concentrations of power. What we’re witnessing today is the systematic erosion of this foundational right for an entire generation of Americans.

The data reveals a particularly alarming pattern: in 43% of the counties analyzed, median home prices grew at a greater rate than wages. This represents a fundamental breakdown in the social contract that promises hard work will be rewarded with economic advancement. When people cannot convert their labor into property ownership—the primary mechanism for wealth accumulation in our society—we undermine the very incentives that drive economic productivity and innovation.

This isn’t merely an economic issue; it’s a profound threat to democratic stability. History teaches us that societies where property ownership becomes concentrated in fewer hands risk creating permanent class divisions that undermine social cohesion and political equality. The American experiment rests on the principle of widespread property ownership as a bulwark against authoritarianism. When homeownership becomes inaccessible to the majority, we weaken the structural foundations of our democracy.

The Human Cost: Dreams Deferred and Liberties Denied

Behind every statistic in this report lies a human story of dreams deferred and opportunities lost. The American Dream has always encompassed more than mere material comfort—it represents the promise that through diligence and determination, every citizen can secure a stake in our nation’s prosperity. This dream is now being systematically denied to millions of hardworking Americans who play by the rules yet find themselves permanently priced out of property ownership.

Consider what these numbers mean in human terms: young couples delaying marriage and children because they cannot secure stable housing; families forced to choose between unreasonable commutes and unaffordable rents; seniors watching their children and grandchildren struggle with housing insecurity they never experienced. This crisis strikes at the heart of family formation, community stability, and intergenerational wealth transfer—all essential components of a healthy civil society.

The geographic distribution of this crisis reveals another disturbing dimension. While certain areas like Nevada saw wages growing faster than home prices (4.4% wage growth versus 0.7% price increase in the last quarter), the overall pattern shows concentrated unaffordability in economic hubs where opportunity should be most accessible. When essential workers—teachers, firefighters, nurses—cannot afford to live in the communities they serve, we create unsustainable social fractures that ultimately harm everyone.

Institutional Failure and the Path Forward

This housing affordability crisis represents a catastrophic failure of both market mechanisms and public policy. The fact that home prices have so dramatically outpaced wages suggests profound structural problems in how we approach housing as a society. We must confront uncomfortable truths about zoning restrictions, regulatory burdens, and financial practices that have distorted housing markets and prioritized speculation over shelter.

The solution requires recognizing housing as both an economic good and a fundamental human need. We need policies that encourage housing supply growth while protecting against speculative excesses that price out legitimate users. This means reforming zoning laws that artificially constrain development, addressing regulatory barriers that drive up construction costs, and ensuring that financial markets serve homeowners rather than speculators.

Most importantly, we must restore the principle that property ownership should be within reach of those who contribute to our society through their labor. This isn’t about guaranteeing outcomes, but about ensuring that the rules of our economic system don’t systematically advantage those who already have capital at the expense of those trying to build it. The American Dream cannot survive as a nostalgic memory—it must remain a living, achievable reality for every generation.

Reclaiming Our Economic Birthright

The ATTOM report serves as a stark warning about the erosion of economic liberty in America. When homeownership becomes inaccessible to the majority of citizens, we risk creating a society divided between propertied elites and perpetual renters—a scenario antithetical to our democratic ideals. The solutions will require courage, creativity, and a renewed commitment to the principle that economic opportunity must remain broadly accessible.

We must approach this challenge with the urgency it demands, recognizing that every day of inaction means more families permanently excluded from wealth-building opportunities. The promise of America has always been that hard work and perseverance can translate into security and prosperity. Preserving this promise requires that we confront the housing affordability crisis not as an inevitable market trend, but as a solvable policy challenge that strikes at the heart of our national identity.

The data is clear, the trend alarming, and the human cost immense. But the American spirit has always risen to meet great challenges. By reaffirming our commitment to economic liberty and taking decisive action to restore housing affordability, we can ensure that the dream of homeownership remains a vibrant, achievable reality for generations to come.