Mortgage rates are climbing again, raising the cost of a home loan to its highest level in seven months.
"Low inventory, maintained by an extremely low level of new listings coming onto the market, has fueled demand amongst the few buyers who can afford to stay shopping," said Nicole Bacahaud, a senior economist at Zillow."As inventory remains a challenge in this market, so, too, will affordability be rocked by stubbornly high prices that aren't looking to move drastically any time soon.
Despite such obstacles, and since falling during the pandemic to its lowest level in 50 years, homeownership across the U.S. is on the rise, including for people with modest income. Recent Census Bureau shows that as of early 2023 more than 53% of households below the median income owned a home. That's up from 51.
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