Mortgage rates are nearly double what they were four years ago at about 7.2%, which means a 30-40% rise in housing costs, Yahoo Finance reported.
Homeownership is increasingly out of reach for many people in the U.S. — “unaffordable” in 99% of the country for the average American, per CBS News — but where would-be buyers are considering real estate can significantly impact their prospects.
Related: The ‘Silver Tsunami’ Meets ‘Golden Handcuffs’ as Past Low Mortgage Rates Lock in Homeowners — Whether They Like It or Not
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