Partly because of the mass deportation of, and self-deportation by, illegal immigrants, rents are falling in most markets across the country. This is a good thing, but most people don’t dream of renting; they dream of owning a home. It has never been more difficult for young people to buy their first home and get on the ladder. The House recently passed legislation that helps address this problem, but the Senate version of the bill, released last week, adds just as much red tape to the housing market as it takes away, potentially making the problem worse.

The median age of first-time home buyers reached a record high of 40 years in 2025. The median age 25 years ago was 32 years old, not too far above the median of 29 in 1980. Only 1 in 5 of all home buyers were first-time buyers in 2025, down from around 2 in 5 in 2007. The reason for high home prices is no mystery: there simply aren’t enough to go around. The United States is between 3 million and 8 million homes short of what is needed for a normal........

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