The US housing market is undergoing a structural shift, with rising mortgage rates and uncertainty surrounding the Middle East conflict leading to a significant increase in interest rates and inventory shortages. The way buyers qualify for homes and what counts as usable wealth is changing, leading lenders and regulators to rethink long-standing rules. The median age of first-time US homebuyers has reached a record 40 and entry barriers are increasing. This shift is changing how younger Americans think about savings, leading to 29% of those who view helping a child buy a home as more important than helping pay for college. The shift is also pushing the market towards newer forms of wealth, with younger adults most likely to have used crypto.