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Pandemic Policies Erode Homeownership Dreams for Entire Generation
15 Nov
Summary
- Housing affordability at all-time low, worse than 2006 bubble
- Pandemic-era policies like stimulus and low rates blamed for price surge
- Homeownership out of reach for many, rental market must fill the void
As of November 2025, the U.S. housing market is facing an unprecedented affordability crisis, with the cost of homeownership now out of reach for millions of Americans. According to top real-estate executive Sean Dobson, the CEO of the Amherst Group, the sweeping economic interventions launched during the COVID-19 pandemic have fundamentally altered the homeownership landscape for an entire generation.
Dobson warns that it will likely take 10-15 years of steady income growth to restore affordability to pre-2006 levels. He places the blame squarely on a combination of "reckless" pandemic-era monetary policy, surging asset prices, and stagnant wage growth. Amherst's own data shows that for housing affordability to return to 2019 levels, home prices would need to drop by 35.3%, interest rates by 4.6%, or incomes to rise by 55% - none of which are plausible on their own.
As a result, Dobson believes the rental market must become a key part of the solution, as homeownership remains elusive for many. Institutional landlords like Amherst are stepping in to provide housing stability, even if it means renting rather than owning. Dobson argues this model is a necessary adaptation to the post-pandemic realities, where tighter credit and lower homebuilding have left a void in the market.
