Homeownership has long been part of the American dream, but that dream has been deferred.
Households in their 30s have an ownership rate of just 42% — more than 20 points lower than the national average.
The median age of all home buyers is a record-breaking 59, and the age of a first-time buyer is 40 — up from 29 in 1981.
As a solution, the Trump administration is floating a 50-year mortgage.
Though I disagree with that specific idea, I am heartened that they are brainstorming ways to tackle the problem.
We need a Marshall Plan for housing, a collection of broad initiatives to make homes more affordable and put the dream back on track.
The federal government can use its bully pulpit to get changes to red tape and regulations that are holding back building, and encourage policies that would increase housing and decrease costs.
To start, the White House and Fannie Mae should instead promote shorter, 20-year mortgages.
