The dream of owning a home is out of reach for 4 million Americans

Business June 29, 2022 News
The dream of owning a home is out of reach for 4 million Americans

From CNN | Business by Alicia Wallace, CNN Business

The record run-up in home prices and rents exacerbated the affordable housing crisis in the US, and rising interest rates stand to make it even worse, according to Harvard University's annual State of the Nation's Housing Report released Wednesday.

Although quickly rising mortgage rates are already appearing to cool overheated housing markets, they are putting the homeownership dreams of millions of Americans even further out of reach, researchers and housing industry experts said.

The increase in home values and record-low interest rates during the heart of the pandemic further widened the already drastic wealth gap between homeowners and renters, as well as racial inequities, according to the study.

Photo Illustration by Nix and Gerber Studio for The New York Times

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