These days, though, it doesn’t take a fire—or even living in a famously in-demand coastal city—for the math of homeownership not to add up. Across the US, the costs of purchasing a home are compounding from a lack of new construction since the 2008 financial crisis, the lock-in effect of homeowners unwilling to relinquish low-rate mortgages, plus government policies that make buying and building more expensive. Combine that with mounting losses from climate-change-fueled disasters and other burdens of ownership, and more residents are finding themselves on the losing end of what was for years a solid bet on economic stability and wealth creation. As home sales fall to near-record lows, one of the cornerstones of the American dream is crumbling—and there’s no clear plan for fixing it.