Portugal, Canada, and the United States were the countries with the highest house price to income ratio in 2024. In all three countries, the index exceeded 130 index points, while the average for all OECD countries stood at 116.2 index points. The index measures the development of housing affordability and is calculated by dividing nominal house price by nominal disposable income per head, with 2015 set as a base year when the index amounted to 100. An index value of 120, for example, would mean that house price growth has outpaced income growth by 20 percent since 2015. How have house prices worldwide changed since the COVID-19 pandemic? House prices started to rise gradually after the global financial crisis (2007–2008), but this trend accelerated with the pandemic. The countries with advanced economies, which usually have mature housing markets, experienced stronger growth than countries with emerging economies. Real house price growth (accounting for inflation) peaked in 2022 and has since lost some of the gain. Although, many countries experienced a decline in house prices, the global house price index shows that property prices in 2023 were still substantially higher than before COVID-19. Renting vs. buying In the past, house prices have grown faster than rents. However, the home affordability has been declining notably, with a direct impact on rental prices. As people struggle to buy a property of their own, they often turn to rental accommodation. This has resulted in a growing demand for rental apartments and soaring rental prices.

The Long Depression was, by a large margin, the longest-lasting recession in U.S. history. It began in the U.S. with the Panic of 1873, and lasted for over five years. This depression was the largest in a series of recessions at the turn of the 20th century, which proved to be a period of overall stagnation as the U.S. financial markets failed to keep pace with industrialization and changes in monetary policy. Great Depression The Great Depression, however, is widely considered to have been the most severe recession in U.S. history. Following the Wall Street Crash in 1929, the country's economy collapsed, wages fell and a quarter of the workforce was unemployed. It would take almost four years for recovery to begin. Additionally, U.S. expansion and integration in international markets allowed the depression to become a global event, which became a major catalyst in the build up to the Second World War. Decreasing severity When comparing recessions before and after the Great Depression, they have generally become shorter and less frequent over time. Only three recessions in the latter period have lasted more than one year. Additionally, while there were 12 recessions between 1880 and 1920, there were only six recessions between 1980 and 2020. The most severe recession in recent years was the financial crisis of 2007 (known as the Great Recession), where irresponsible lending policies and lack of government regulation allowed for a property bubble to develop and become detached from the economy over time, this eventually became untenable and the bubble burst. Although the causes of both the Great Depression and Great Recession were similar in many aspects, economists have been able to use historical evidence to try and predict, prevent, or limit the impact of future recessions.

In 2024, approximately 28 billion square feet of wallboard products were sold in the United States. Building materials in the United States: wallboard After its tremendous downturn following the 2008 subprime mortgage crisis, the housing industry in the United States is making a comeback, especially in markets like New York, Dallas, and Houston. S&P/Case Shiller's national home price index for the United States was expected to grow to some 310.76 points in 2023, up from around 135 points in 2011, the worst year for U.S. housing in half a decade. As a result, building material manufacturers are trying to tap into the market and have begun to raise prices dramatically. Thus, homebuilders are faced with increasing costs of building materials. Major companies involved in building materials include the United States Gypsum Corporation, Lafarge, and Wacker. Wallboard, which is also known as drywall, plasterboard or gypsum board, is a panel made of gypsum plaster. The panel is usually sandwiched between two thick sheets of paper to make interior wall and ceilings. Wallboard construction is prevalent in North America in comparison to the traditional usage of lath and plaster due to quicker application. Some 45 million metric tons of gypsum was consumed in the U.S. in 2023. Increasing prices The rise in prices is believed to be driven by increased building activity and demand from home improvement retailers. In the long run, expensive construction materials are set to have an impact on property prices, too. At 450,600 US dollars as of April 2022, the U.S. median house price of new homes sold in the U.S. has increased steadily over the last decades.