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MortgagePoint » Your Trusted Source for Mortgage Banking and Servicing News 78 February 2025 J O U R N A L The Road Ahead While a surge in multifamily construction has helped slow rent growth in some markets, this relief may be temporary. The pace of new development has already slowed, and renter household growth is picking up, creating conditions for tighter markets and renewed upward pressure on rents. Addressing the affordability crisis will require a multifaceted approach. In- creasing the supply of affordable housing, expanding rental subsidies for lower-in- come households, and implementing policies to boost incomes through wages or tax benefits are crucial. Employment opportunities that provide sustainable wages will also play a vital role in improv- ing affordability for millions of renters. As policymakers and industry lead- ers navigate this growing crisis, solu- tions that balance supply expansion with targeted financial support will be critical to ensuring housing stability for the nation's renters. THE AMERICAN DREAM OF HOMEOWNERSHIP LIVES ON T he American Dream lives on, according to a new survey from Realtor.com, which found nearly two out of three Americans (64%) iden- tify homeownership as one of their life goals, while 50% believe homeownership is necessary to achieve long-term wealth. Laura Eddy, VP of Research and Insights for Realtor.com, said, "Home, and land, ownership has been a part of the American Dream for generations, and while current conditions around affordability and the availability of homes make ownership more chal- lenging, many Americans still see that ideal of having a home that belongs to them as a key cornerstone of achieving both the American Dream and creating long-term wealth for themselves and their families." Realtor.com's poll was conducted online November 7-8, 2024, among a national sample of 2201 Adults aged 18 and above. The data was weighted to approximate a target sample of adults in the United States based on gender, educa- tional attainment, age, race, and region. Generational Differences A majority of those polled (75%) be- lieve that homeownership is part of the American Dream, but that sentiment differs across generations: • Baby boomers feel the strongest, as 84% see homeownership as an inte- gral part of achieving the American Dream • 74% of Gen Xers see homeowner- ship as part of achieving the Ameri- can Dream • 69% of millennials see homeown- ership as part of achieving the American Dream • 67% of Gen Zers feel that owning a home is a part of the American Dream. All considered, the desire to own a home is still high, as Americans, par- ticularly millennials (69%) and Gen Z (70%), identify it as a life goal, signifi- cantly more than Gen X (62%) and baby boomers (59%), potentially because they aren't as likely to own their home.