High Mortgage Rates Price Out Lower-Income Homebuyers as Wealthy Americans Dominate Housing Market
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Mortgage rates have soared above 7% as the Federal Reserve fights inflation, pricing out poorer buyers.
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One-third of homes are now being purchased with all-cash offers as buyers avoid high mortgage rates.
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Wealthier Americans make up more homebuyers as rates price out other groups.
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Housing affordability has hit 1985 lows with soaring rates and limited supply.
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Existing homeowners with low rates are not listing homes, further shrinking inventory.