The U.S. housing market is experiencing a decline in homeownership for the first time in nine years, with fewer Americans able to afford homes amid rising costs and high interest rates. This trend is particularly affecting younger generations such as Millennials and Gen Z, who face challenges in entering the housing market. The decrease in first-time homebuyers is not being offset by older homeowners, who are aging out of their homeownership years. This shift is contributing to a broader stagnation in American mobility, as many individuals remain in smaller homes or jobs they find unsatisfactory, constrained by financial limitations often described as "golden handcuffs." Analysts suggest the market is moving toward a state of equilibrium characterized by neither a clear buyer's market nor significantly improved affordability. The Census Bureau has also noted a significant drop in young adults reaching key life and financial milestones, underscoring the economic pressures impacting homeownership and mobility. Lawmakers and experts highlight that current factors, including elevated interest rates, are making homeownership increasingly difficult for many Americans, potentially reshaping societal patterns in the long term.