Mortgage rates increase due to rising inflation and high interest rates, making home affordability difficult for many Americans.
Rising inflation and high interest rates are causing mortgage rates to increase, making it difficult for many Americans to find affordable homes. Home prices have reached all-time highs, with the monthly payment for a median-priced home more than doubling since 2019. In more than 200 U.S. cities, starter homes now cost $1 million. Both Presidential candidates have proposed housing plans: Vice Presidential nominee Kamala Harris plans to build 3 million new housing units and provide a down payment of up to $25,000 for first-time homebuyers, while former President Donald Trump's party has pledged to promote homeownership through tax incentives.
August 26, 2024
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