Axios: Why housing affordability keeps getting worse

Not only have home prices soared over the past decade, but it's the "affordable" homes that have seen the biggest price increases.

Why it matters: Rising prices, exacerbated by a shortage of affordable homes, put homeownership out of reach for many, driving them to a rental market that's also seen remarkable cost increases.

Zoom out: It's a doom loop. A shortage of affordable homes means that buyers compete fiercely for the cheapest ones, pushing up prices.

• Prices for the bottom third of homes are up 124% since 2015, while the top third increased 77%, per a new analysis by Moody's Analytics.

The big picture: The most desirable cities are becoming affordable only to the wealthy, while many of those of more modest means are forced into longer commutes, creating more traffic, more environmental strain, and greater social division, Mark Zandi, Moody's Analytics chief economist, wrote in the paper.

The latest: The paper endorses legislation set to be reintroduced Tuesday morning by Sen. Elizabeth Warren (D-Mass.), the ranking Democrat on the Senate Banking Committee, along with Sen. Raphael Warnock (D-Ga.) and Rep. Emanuel Cleaver (D-Mo.) in the House.

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