Appearing on CNBC to discuss the state of U.S. housing affordability, Brown Harris Stevens CEO Bess Freedman offered a clear-eyed assessment of why homeownership remains out of reach for so many Americans—and what it will take to fix it.
“Affordability remains a real challenge in the United States. The average first-time homebuyer today is 40 years old—people have simply been priced out of the market.” – Bess Freedman
Freedman explained that while home prices have largely remained flat over the past year, affordability continues to be strained by a combination of elevated prices, mortgage rates settling around 6%, and a severe lack of inventory. She emphasized that first-time buyers are feeling the pressure most acutely, with the average age of a first-time homebuyer now hovering around 40.
The conversation also turned to solutions. Freedman underscored the importance of smart, localized legislation aimed at increasing housing supply, pointing to upzoning and incentives for builders as essential tools. Using New York City as a case study, she highlighted the need for city and state governments to work collaboratively on policies that meaningfully expand housing stock—rather than short-term measures that risk discouraging long-term investment.
“We need smart legislation—upzoning, building, and incentives to get people to want to build. That’s how you create more housing in the United States.” – Bess Freedman
Addressing concerns around rent freezes and broader housing policy shifts, Freedman cautioned that while well-intentioned, such approaches are not sustainable solutions. Instead, she stressed that real progress will come from building more affordable housing, increasing wages, and investing in education—creating an ecosystem where homeownership is once again attainable for everyday Americans.
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