Harvard’s latest housing report makes the case that the path to middle-class homeownership has shifted over time, with many households relying less on income-driven affordability and more on intergenerational wealth. The report’s broader message is that ownership is not simply a matter of qualifying for a mortgage within typical price ranges; instead, access to stable, long-term ownership increasingly reflects what families already own or can pass on. By framing homeownership as something households “inherit,” the report highlights how financial advantages—such as down-payment support, existing equity, or family assistance—can widen the gap between those able to accumulate assets and those who cannot. The overall emphasis is on structural forces shaping who can buy and keep homes, rather than on short-term market conditions alone. While the report addresses affordability directly, it also argues that historical patterns and accumulated wealth play a significant role in whether ownership is realistically attainable for new entrants to the housing market.