Rising house prices don't just make it harder to become a homeowner—they also widen the racial wealth gap

Homeownership—long a cornerstone of the "the American dream"—is increasingly out of reach for the average American. Over the past four decades, U.S. house prices have risen by 75% in real terms, pushing the costs of homeownership for the typical first-time homebuyer to a record high. At the same time, these rising prices have significantly boosted the wealth of existing homeowners.