Skyrocketing Home Prices and Mortgage Rates Make Homeownership Increasingly Unattainable for Many Workers
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Homeownership becoming unattainable for many workers like teachers due to high mortgage rates and home prices.
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Median home prices are now $71K higher than what a typical teacher can afford.
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Housing affordability at lowest level since 1984 due to high mortgage rates and home prices.
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While rent growth is slowing, rents remain over 20% higher than last year.
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Fed president Barkin suggests increasing housing supply through zoning changes, tax incentives, and reducing regulations to make housing more affordable.