For too many Kentuckians, the dream of homeownership has begun to feel just that…a dream.
The challenge is bigger than rising home prices or higher interest rates. Kentucky’s housing market is becoming healthier, but the underlying shortage of homes remains. In May, inventory reached 5.3 months of supply — the strongest level in recent years and within the range many experts consider a balanced market — giving buyers more choices than they’ve had in some time. Yet that progress follows years of underbuilding that left too many families competing for too few homes. Long-term affordability depends on increasing the housing supply across the Commonwealth.
Young families are delaying their first home purchase. In fact, according to the National Association of Realtors the typical first-time homebuyer is now 40 years old — a record high that reflects just how difficult it has become to enter the housing market.
Working professionals with stable careers wonder whether they’ll ever save enough for a down payment.
Retirees hoping to downsize often find too few options.
Across Kentucky, the problem isn’t a lack of demand, it’s a lack of homes.
That’s why the bipartisan 21st Century ROAD to Housing Act, signed into law on July 11, is such an important milestone. As the largest federal housing package in nearly two decades, it includes nearly 50 measures to increase housing supply, expand access to homeownership, modernize financing and reduce barriers to building the homes our communities need.
Will this law make homes affordable overnight? No. There is no single solution to a housing shortage that has developed over many years. But it begins addressing the root cause of today’s affordability challenges: there simply aren’t enough homes.
Kentucky Realtors has long believed the best way to improve affordability is to increase opportunity by encouraging more housing, supporting responsible development and expanding pathways to homeownership.
This victory also didn’t happen overnight. For nearly two years, Kentucky Realtors worked alongside the National Association of Realtors and partners across the country to make housing a national priority. Through research, advocacy and meetings with lawmakers, we consistently reinforced one message: increasing housing supply is essential to improving affordability. The legislation’s overwhelming bipartisan support shows what’s possible when leaders focus on practical solutions.
Every day, Realtors meet first-time buyers who have done everything right—saved diligently, improved their credit and prepared financially—only to discover there aren’t enough homes within reach. We’ve seen growing families unable to move, and teachers, nurses, first responders and young professionals priced out of the communities they serve.
These aren’t just statistics. They’re our neighbors.
The good news is that progress is possible. The 21st Century ROAD to Housing Act expands tools to increase housing supply, modernizes financing programs and reduces barriers to new construction. These reforms will take time, but they begin addressing the imbalance between supply and demand instead of simply treating its symptoms.
Homeownership has always represented more than a place to live. It creates stability for families, strengthens neighborhoods, builds generational wealth and supports local economies.
Kentucky Realtors will continue advocating for policies that expand housing opportunities and protect the dream of homeownership. While this legislation is a significant step forward, more work remains to improve affordability and ensure future generations of Kentuckians can own a home.
If you’ve wondered whether homeownership is still possible, don’t lose hope. The housing market remains challenging, but meaningful change begins with meaningful action. This law proves leaders from both parties can come together around solutions that matter to everyday Americans.
The American dream of homeownership belongs within reach of every Kentuckian, regardless of zip code, age or circumstance. This legislation is an important step toward ensuring that opportunity remains available for those willing to work for it.
Ann Elizabeth Delahanty is president of Kentucky Realtors and a Louisville-based Realtor, advocating for homeownership, property rights and strong communities across the Commonwealth.