Renter Stela Bermema and homeowner Anthony Fumo said today's housing market is making their ideal living situations a distant dream, adding them to the list of struggling Americans.
Whether you're a first-time buyer or eyeing an upgrade, securing your slice of the American dream may be more challenging than ever. Climbing property taxes, an uptick in home insurance rates and high mortgage rates have dismayed first-time buyers like Stella Bermema who say the rite of passage is now seemingly out of their reach. "I feel suffocated in every corner, everywhere I look," she told Sandra Smith on Fox News' "America Reports" Friday.
The monthly mortgage payment at that price, when accounting for the 6.99% median interest rate for a 30-year mortgage, is now $2,829. That is roughly $30 shy of April's record. Housing costs are unlikely to spiral any higher thanks to a recent drop in mortgage rates, which fell after the government reported that inflation cooled in May. However, they may not go much lower, either.
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