Welcome back to The Shivers Report.

Housing affordability is one of the biggest debates in America right now. But here’s the uncomfortable truth: whether you think prices should drop often depends on whether you already own a home.

In this episode, Nick and Keegan Shivers tackle the real question—do home values actually need to fall to make housing affordable again? Or is there a smarter solution?

We talk about:
• Why homeowners don’t want prices to drop—but renters often do
• How lowering interest rates impacts monthly payments more than headline prices
• Why 50-year mortgages may improve payments—but hurt long-term wealth
• The historical reality: since 1990, only 2007–2011 saw sustained depreciation
• Why waiting for prices to “crash” has rarely been a winning strategy
• The difference between U.S. home prices (~$375K average) and Canada (~$700K+)
• Why 100% homeownership isn’t realistic—or even desirable
• How peak U.S. homeownership hit 69% in 2021 and now sits around 65%
• Why artificially slashing interest rates could re-inflate the market
• The real long-term solution: deregulation and more construction

Nick argues that instead of manipulating rates, policymakers should focus on supply. On the West Coast, bureaucracy, permits, and red tape can account for up to 28% of construction costs—potentially adding over $100,000 to the price of a home. Remove that, and affordability improves without crashing values.

Bottom line: affordability isn’t just about prices going down. It’s about supply going up.