Buying a home is untenable dream for renters

According to a study by the Federal Reserve Bank of New York, the number of renters who believe they will buy their own home has fallen to a record low of 13.4%. High home prices and skyrocketing mortgage interest rates are creating insurmountable obstacles. 74.2% of renters find getting a mortgage difficult, and the average rate on a 30-year mortgage has reached 7.22%, the highest level since the end of November 2023. Home prices are likely to rise by 5.1% next year, with mortgage rates rising to 8.7% a year from now and 9.7% in three years. Rents are also getting more expensive – expected to rise 9.7% next year, the second-highest increase on record.

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