Lower payments boosts demand — but less inventory gives sellers the advantage and lands buyers deeper in debt
Published:
Young Americans are struggling to get on the housing ladder. The median first-time buyer is now 40 years old and house prices are now higher, relative to income, than at any time since the peak of the mid-2000s housing boom.
To buy these expensive houses, people must take out expensive mortgages — mortgage rates have doubled over the past three years, pushing many households across the country to spend well over a third of their paychecks on their mortgages.
Opinion: A 50-year mortgage won’t make housing cheaper — and could even wreck your retirement
Outside the Box
Lower payments boosts demand — but less inventory gives sellers the advantage and lands buyers deeper in debt
Published:
Young Americans are struggling to get on the housing ladder. The median first-time buyer is now 40 years old and house prices are now higher, relative to income, than at any time since the peak of the mid-2000s housing boom.
To buy these expensive houses, people must take out expensive mortgages — mortgage rates have doubled over the past three years, pushing many households across the country to spend well over a third of their paychecks on their mortgages.
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