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.
Property taxes are soaring across the country, forcing some homeowners to sell, potentially leading to a surge in home rentals. Meanwhile, homeowners insurance rates are also rising, especially in states like Texas and Florida. These escalating costs have resulted in an alarming increase in bankruptcies, as homeowners struggle to cover their expenses. This growing financial burden highlights the challenges families are facing in maintaining homeownership, especially in areas with high property taxes and insurance rates.
