The American dream of homeownership has rarely felt further away. In the years from 2022 through 2025, a perfect storm of conditions pushed housing costs to extraordinary levels: years of underbuilding, pandemic-era demand surges, interest rates that made mortgages significantly more expensive, and institutional investors competing with first-time buyers.
The median home price in the United States crossed $400,000. In many major cities, the threshold was far higher. Rents, which had surged dramatically during the pandemic, remained elevated even as inflation began to ease elsewhere.
Tampa's Story
Tampa was among the cities most dramatically affected. Rents that were affordable for working families before the pandemic became genuinely out of reach for many. The city's growth and popularity — which are generally good things — came with real costs for people who were already here.
The Policy Response
Cities and states across the country experimented with zoning reform, density increases, rent control, and other measures. The federal government's options were more limited. The solutions are complex, contested, and urgently needed.