US housing affordability and mobility crisis

The United States housing market is characterized by a significant crisis of mobility and affordability. Homeowners are increasingly reluctant to relocate due to being locked into low-interest mortgages, resulting in a historic low in mobility where only about 7% of households plan to move within a year. This lack of movement has shifted consumer behavior toward home renovations as residents seek to modernize or expand their existing properties.

This mobility paralysis is compounded by a widening affordability gap. Estimates suggest that over 75% of homes are unaffordable for the typical household, as median home prices approach $400,000 while median household incomes remain significantly lower. The impact is particularly visible among first-time buyers, whose share of home sales has dropped from 50% in 2010 to 24% in 2025.

As high prices and mortgage rates prevent families from upgrading to larger residences, there is a growing reliance on self-storage units. Searches for these facilities increased by approximately 25% across 150 major U.S. cities in 2025, with many Americans using them as ‘extra closets’ to manage limited space in their current homes.