Challenges in Homeownership and Rental Market in the U.S.
The cost of buying a home in the U.S. has risen sharply since the COVID-19 pandemic, making homeownership unattainable for many. Rising home prices, high mortgage rates, property taxes, and insurance rates are contributing to the financial strain. There is also a shortage of affordable housing, leading to increased competition and prices in the rental market.
Key Points
- Home prices up 47% since early 2020
- Median home sales prices last year were about five times the median household income
- High prices and mortgage rates have made homeownership unattainable for many
- Rising property taxes and insurance rates add to financial strain
- Record half of U.S. renters find housing unaffordable