Questioning the Housing Crisis: Americans Regularly Move to High Density Areas 

Norbert Michel and Jerome Famularo

In the aftermath of the COVID-19 pandemic, the United States experienced a much higher rate of inflation than at any time during the prior few decades. Like the prices of many goods and services, the cost of housing rose rapidly, with the median home price increasing by almost $100,000. (Figure 1.) Unsurprisingly, many potential homebuyers were—and still are —shocked and upset.

As in years past, many politicians have latched on to the anger surrounding the recent housing market turmoil.