Marcus Lemonis says housing prices are high primarily because of shortages, not just regulations. He highlights the required permits and safety checks, questioning the claim that removing ‘red tape’ will significantly reduce prices.
Millennials planning for retirement may need to prepare for a very different real estate environment.
According to a new projection from National Association of Realtors (NAR) chief economist Lawrence Yun, the national median home price will reach $1 million by 2050 — just as millennials are reaching retirement age.
“In fact, in about 25 years the average home price will be a million dollars,” Yun said at a conference in Washington, DC, on Tuesday. “It might be hard to visualize that, but back in 1990, the median national income was $90,000.”
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To illustrate the point, Yun also noted that even historically expensive markets like San Francisco had a median home price of just $250,000 in 1990. The long-term forecast highlights a growing divide between Americans building home equity and those remaining in the rental market.
A “For Sale” sign sits outside a home in Rancho Cucamonga, California, Saturday, May 9, 2026. (Getty Images)
“Landlords will continue to build wealth, while renters are just spinning their wheels,” said Yun.
The U.S. median sales price for existing homes was nearly $430,000 in May, according to Realtor.com data, up more than 2% from last month. Meanwhile, Zillow lists the average US rent across all bedrooms and property types at $2,006 a month, up $6 from the previous month.
Yun also commented on the state of the economy, insisting that he does not predict a US recession in 2026. He predicted that mortgage rates will remain low, averaging 6.5% in 2026. Existing home sales are expected to grow 4% this year, up slightly in 3 of 20 markets, up slightly from 20. work.
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In addition, he expects a stable economic stability, projecting job gains across the country to reach 400,000 per year.
Also on the panel was NAR’s deputy chief economist and Vice President of Research Jessica Lautz, who described a “wonky market” where inventory performance varies greatly — even between neighboring properties.
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“You’re going to list a home on the market, and sometimes it’s going to be for months. And sometimes it’s going to have multiple offers, and they’re going to be next door to each other,” he said during Tuesday’s panel.
Despite the overall housing affordability challenges, Lautz identified three buyer segments that remain the most active: first-time home sellers, new buyers of the COVID era and lifestyle renters looking for larger yards or additional living space.
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