Episode Details

Housing is stuck in a vicious cycle: demand’s plummeting while supply’s drying up, and it’s getting harder to break free. Young adults are delaying moves due to tough jobs, crushing student debt, and economic anxiety, while fewer immigrants mean fewer new households forming. Homeowners are staying put, builders are slowing down, and the moving rate hit a record low—especially for first-time buyers. Meanwhile, affordable rentals are vanishing as construction costs soar, leaving millions competing for scarce cheap units. And with international migration down more than half, population growth is slowing—states reliant on newcomers will feel the ripple effects for years, though renters may notice it sooner.

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