Is the American Dream Dead? Millions Priced Out of Homeownership
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Between skyrocketing mortgage interest rates, record-high home prices, and a limited housing supply, millions are being priced out of the American Dream.
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For the first time, the majority of Americans do not believe that buying a house is a wise decision.
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Rising Interest Rates
As home prices began to creep up after the initial panic of the COVID-19 pandemic in 2020, interest rates set new lows seemingly every month.
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Inflation
It’s not just materials that have risen, either. Demand for construction labor and services has driven prices up even further.
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Expectation of Rising Prices
Even as home affordability continues to get further out of reach, most Americans expect prices to continue to rise over the next year.
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