The dream of homeownership is slipping away for renters. A record low 13.4% believe they can afford a home, and rental costs are expected to rise 9.7% this year. Higher housing costs and interest rates are making it difficult for renters to transition to home ownership. Renters also expect mortgage rates to continue rising in the next few years.
Homeownership is getting harder for Americans as home prices have skyrocketed and costs to borrow money have increased. This is due to high demand for housing and low supply, plus higher interest rates. If you're looking to buy a home, keep an eye on interest rates, negotiate with real estate agents on commission, and work on improving your credit score.
