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Is buying a home out of reach for most? Buyer's remorse, renting rising in US

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Chief Business Correspondent Taylor Young reports on a decline in homeownership in the U.S. and the regret many feel about making the big purchase.
The article from Yahoo News discusses the challenges faced by homebuyers in the current U.S. housing market, highlighting that buying a home has become the least affordable in decades. It points out that the median U.S. home price has risen to $386,527, a 40% increase from pre-COVID levels, while mortgage rates have also surged, with the 30-year fixed rate reaching 7.09% in August, the highest since 2002. This combination of high home prices and elevated interest rates has pushed the monthly mortgage payment to a record high of $2,605, making homeownership increasingly out of reach for many Americans. The article also notes regional variations, with affordability being particularly strained in the West and Northeast, and suggests that potential buyers might need to consider alternative strategies such as buying down the interest rate or looking at less expensive areas.

Read the Full WJZY Article at:
[ https://www.yahoo.com/news/buying-home-reach-most-buyer-151207065.html ]