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In 1991, the median age of first-time homebuyers was 28. Now it’s 38, an all-time high. In 1981, the median age of all homebuyers was 36. Today, it’s 56—another all-time high. This is the hardest time for young people (defined, generously, up to 40!) to buy their first home in modern history.

Derek talks about the history of how we got here and then brings on Bloomberg columnist Conor Sen to talk about the state of American housing today and how the national housing market has broken into “two Americas.”

If you have questions, observations, or ideas for future episodes, email us at PlainEnglish@Spotify.com.

Host: Derek Thompson

Guest: Conor Sen

Producer: Devon Baroldi

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