Skyrocketing Home Prices and Rates Pushing Homeownership Out of Reach for Many Buyers
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Home prices jumped 43% while wages haven't kept pace, meaning buyers now need to earn $106,000 to afford a typical home
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Monthly mortgage payments have nearly doubled since 2020 to over $2,100 per month
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Mortgage rates hit 8% in 2022, while they were below 3.5% in early 2020
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Factors beyond home prices and rates, like taxes and insurance, also make buying more costly
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With affordability strained, some first-time buyers are turning to "house hacking" with friends or family