Our chart of the week highlights the key factor impacting home affordability in recent years: housing availability. Following the 2008 housing crisis, new home construction dropped significantly, even as the population continued to grow. In 1972, when the U.S. population was just over 200 million, nearly 2.4 million new homes were built. In contrast, only 1.4 million homes were constructed last year, despite a population of 335 million. This decline comes as the largest demographic group, millennials, reach their prime home-buying years. Additional zoning restrictions and new regulations have exacerbated the issue by further discouraging homebuilders. Expanding housing supply through targeted policies and incentives is crucial to restoring market balance and making homeownership more accessible for future generations.