The American Dream. It is a concept that has been central to U.S. culture for centuries. Homeownership, the picket-fenced house, and the dream of a secure future have driven many Americans to work hard and save up.

However, today, that dream is slipping away for a growing number of citizens – and it is not because of market bubbles or natural disasters. Instead, it is the rising cost of living that is making it harder to hang on to that cherished home.

Photo Mix / Pexels / Latest reports show that one in seven homeowners in the U.S. are looking to sell their houses.

A startling report has just hit the headlines: One in every seven homeowners in the U.S. is compelled to sell their homes. This is not out of choice or to upgrade to a fancier dwelling. Rather, it is to cope with skyrocketing daily expenses. And with this trend, experts are ringing alarm bells that America could be inching closer to a massive housing crisis. So, how did we get here?

The Cost of Living Skyrockets in the U.S.

To the casual observer, the U.S. economy might seem robust. Stocks have been climbing, corporations are reporting good profits, and technology continues to boom. But beneath this surface, there is a silent monster lurking: The rising cost of living. From healthcare to education and utilities to groceries, prices are moving north at a pace that wages just can not keep up with.

For instance, did you know that the cost of childcare has grown by over 25% in the past decade? Or that medical expenses have jumped by a similar margin? These are not luxury items or frivolous expenses. They are the essentials. And when you are spending more on essentials, there is little left over for that mortgage.

Curtis / Pexels / Along with the rising inflation, the soaring cost of living is compelling homeowners in the U.S. to take the big step.

The Mortgage Trap

Remember the days when your grandparents would regale tales of buying their first home for a few thousand dollars? Today, the median house price in many American cities is over $300,000.

Thus, with higher property values come heftier mortgages, and those, coupled with the escalating cost of living, form a lethal cocktail. Many homeowners find themselves ensnared in this mortgage trap, thus barely making ends meet.

Generally speaking, homeowners who manage to sell often have to downsize or move to areas with lower living costs. In turn, this can lead to the hollowing out of once-vibrant communities.

Is There a Solution in Sight?

Addressing this brewing crisis requires a multi-faceted approach. Some experts argue for wage increases while others call for more affordable housing solutions and better mortgage rates.

Pixabay / Pexels / By taking some realistic steps and streamlining their finances, average Americans can save their dream houses.

Local and state governments are also being challenged to reevaluate property taxes and zoning regulations to alleviate some of the pressures homeowners face.

On a brighter note, communities across the U.S. are brainstorming innovative housing solutions, from tiny house communities to co-housing models, aimed at making housing more affordable. Additionally, grassroots movements are pushing for policy changes that could offer some relief to struggling homeowners.