More people need a place to live than there are homes to go around. When there aren't enough places, landlords can charge more. It's that simple.

Building a new home costs a lot more than it used to. Since COVID, the price of wood, concrete, and steel went up and stayed up. There aren't enough workers to build, so labor costs more too. Tariffs (taxes on materials from other countries) have pushed prices even higher. These tariffs have gone up under both parties over the years, and every time they do, builders pay more. Those costs always end up on us.

When building costs this much, builders either stop building or only build expensive places that most families can't afford. That means fewer homes for the rest of us. And when there are fewer homes, landlords charge more.

Home prices have gone up right along with rent. But even for families who could handle the monthly payment, actually buying a home got a lot harder.

Interest rates are a big part of it. When the government raised rates to fight rising prices, monthly mortgage payments nearly doubled on some homes. A home that cost $1,200 a month in 2020 could cost $2,000 or more today — the same exact house at the same exact price. Families who had saved for years suddenly couldn't afford to buy, so they kept renting. More renters going after the same apartments means higher rent for everyone.

Down payments and closing costs have gone up too. On a $290,000 home, the down payment alone can be $15,000 or more. Then closing costs add another $5,000 to $10,000 on top. That's $20,000 to $25,000 you need saved up just to buy a home. For most working families, that takes years of saving — if you can save at all while paying rising rent.

For many of us, owning a home feels further away than ever. That's not because of anything we did wrong. The system made it this way.

A few things worth looking into: