Amid the highest interest rates in decades and falling supply, home ownership is currently

out of reach for millions of Americans.

That reality comes as the economy has avoided recession, but struggled

under the weight of rising prices and stubborn inflation.

In this episode, we talk with an expert about the economy and the future of the

housing market. I'm Daily Wire, editor-in-chief

John Bickley with Georgia Howe. It's November 5th. We hope you enjoyed your

extra hour of sleep last night and this is a Sunday edition of Morning Wire.

Here to discuss the shaky state of the economy is Daily Wire Senior Editor Cabot Phillips. So Cabot let's start with the

housing market and then we'll get into the economy more broadly. Give us a quick

overview first on the current housing market. Yeah we've talked quite a bit on the show about rising interest rates and inflation, and it

can be easy to sort of gloss over at a certain point, but it is important to remember just

how quickly things have shifted and the enormous consequences of all that

economic turmoil. Most people feel it every day at the gas pump or grocery store, but

the housing market is really a sector of the economy that's the perfect microcosm of the impacts of those higher rates and inflation.

According to new data from the Federal Reserve, right now your dollar goes half as far in the housing market

as it did as recently as 2020.

It almost sounds unbelievable, but let's take into the numbers a bit.

So in December of 2020, a median income household could afford to buy a home worth

$730,000. Today that number is, get this, $300,000.

Today that number is, get this, $356,000.

That means the average American family can now afford

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