The housing affordability crisis in the United States has reached unprecedented levels, with home prices soaring more than 47% since the start of 2020. The ratio of house prices to buyers' annual income has sharply increased, making homeownership out of reach for millions. In order to afford a median-priced home in nearly half of U.S. metro areas, buyers now need to earn over $100,000 annually. Factors contributing to this crisis include years of underbuilding, rising mortgage rates, and expensive construction materials. Sellers who locked in low mortgage rates during the pandemic are hesitant to sell, further limiting supply. Economists predict that mortgage rates will remain elevated for most of the year, with only one or two rate reductions expected. This has left potential buyers with few options and has led to a significant decrease in available home supply.