American Dream of Homeownership Fading as Mortgage Rates Rise and Housing Becomes Unaffordable
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Housing affordability is at the worst level since 1984, with 41% of median income needed for mortgage payments.
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High home prices and surging mortgage rates are making homes unaffordable. Monthly payments now over $2,500.
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First-time homebuyers pushed to rent instead of buying as the American Dream slips away.
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Mortgage rates have spiked to over 7% from below 3% just 2 years ago. Higher rates mean less affordable homes.
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Home prices keep climbing despite higher rates, benefiting homeowners but locking out younger buyers.