US Median Home Price Could Hit $1 Million by 2050: NAR Economist

The forecast was issued as homeownership rates edge higher among Gen Z and millennials despite affordability challenges.

A view of houses in a neighborhood in Los Angeles on July 5, 2022. Frederic Brown/AFP via Getty Images

When millennials hit the traditional age of retirement, they could be facing a real estate landscape where a seven-figure price tag is the norm, a top housing economist said.

Speaking Tuesday at the National Association of Realtors’ annual conference, chief economist Lawrence Yun said the national median home price is on track to hit seven figures by around 2050.