Posted 1/22/2024, 9:47:39 PM
Middle-Class Squeezed Out of Homeownership as Prices Soar and Mortgages Surge
- Two-thirds of Americans believe current housing prices are unaffordable for the middle class
- Median home price of $388,000 seen as too expensive for middle-class families
- High mortgage rates, expensive homes, and limited supply making homeownership out of reach
- Home ownership seen as a builder of wealth, so unaffordable prices could widen wealth gap
- If prices stay high, could accelerate divide between housing "haves and have-nots"