America’s housing market has split in two: High-earning buyers and sellers still have choices and leverage, while everyone else faces shrinking options and rising costs. It’s a divide that mirrors the broader K-shaped economy defining 2025.

After an economic shock, parts of the economy shoot upward—like the top arm of the letter “K”—while others slide downward, forming a sharp split. The result is a recovery that rewards wealth and punishes everything else, widening the divide between those who can wait out volatility and those living paycheck to paycheck.

Now, that split is showing up across the economy from retail spending to job growth. But nowhere is it more apparent than in housing, where rising listings and cooling prices mean very different things depending on which side

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