5 sources·Business

High Mortgage Rates and Home Prices Keep Young Buyers on the Sidelines

With mortgage rates rising and home prices soaring, first-time buyers are struggling to enter the housing market, leading investors to dominate home purchases.

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Updated: Nov 22nd, 2024, 10:08 AM ET

Summary

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As mortgage rates climb and home prices rise, first-time homebuyers are increasingly sidelined. The share of first-time buyers has dropped to a record low, while cash buyers gain ground. Analysts project mortgage rates to stabilize above 6%, prompting rental options to gain appeal. This shifting landscape raises concerns about homeownership accessibility, particularly for younger generations.

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High Mortgage Rates and Home Prices Keep Young Buyers on the Sidelines - Pano News