In U.S., fewer people can afford to buy a house amid soaring home prices. And on top of soaring home prices, 30-year fixed mortgage rates have been hovering near the highest level in more than two decades. /p>
U.S. home prices are near record highs, and mortgage rates have rocketed to their loftiest levels since 2000. For today’s would-be homebuyers, times are decidedly tough. They face limited choices and an affordability squeeze.
Would-be homebuyers need a salary of $114,627 to afford a median-priced house in the U.S., according to another report by real estate site Redfin, a particularly high bar for those just starting out.
To bridge the gap, a growing share of younger house hunters are now considered “nepo-homebuyers,” because they rely on family money to complete their purchase.
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