Home Prices Stay High as Mortgage Rates Rise, Widening Housing Affordability Gap
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Home prices remain high while mortgage rates are rising, putting homeownership out of reach for many, especially first-time buyers.
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Home values have risen over $8 trillion since 2010, widening the wealth gap between homeowners and renters.
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Median monthly mortgage payments hit a record $2,866 in October 2022.
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Homeowners' net worth is rising much faster than non-homeowners', with median home values up $190,000 since 2012.
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Equity-rich homes are concentrated in the West, while Midwest and South have lowest percentages, exacerbating geographic wealth divides.