High Mortgage Rates Lock Out First-Time Homebuyers

Mortgage interest rates hit 8% for the first time in nearly two decades, locking some first-time homebuyers out of the market.

Low inventory on Long Island is another factor preventing homebuyers from purchasing.

Monthly mortgage payments on a new home now average 52% higher than average apartment rent.

Some homebuyers who got low rates during the pandemic were able to buy, but new buyers struggle with high rates.

Experts recommend buying for long-term wealth building, but renting offers flexibility and low upfront costs.