NPR - Home prices surged during the pandemic, and they have remained elevated. The median monthly payment for a home purchased in 2024 was $2,207, compared to $1,525 for a home bought in 2021, according to an analysis by Bankrate. The first two years of the pandemic saw low mortgage rates and work-from-home policies create a rush in homebuying, which led to a significant increase in home prices. In 2022, mortgage rates shot up and homebuying slowed significantly. Here’s how the high housing prices have impacted people:
🏠 Some Americans have opted to have smaller families than they once
envisioned to be able to make the price of housing and day care work.
🏠 Homeowners who bought a house before rates increased in 2022 locked in super low interest rates that they can keep forever. This has caused them to feel stuck in place, in a home that might not fit their needs anymore.
🏠 Some people who have bought homes in the last few years feel squeezed by monthly payments that leave little cash left over.
🏠 Many people who haven’t bought a home are unsure when they will be able to afford one. High rents make it hard to save for a down payment.
🏠 Homeowners who bought a house before rates increased in 2022 locked in super low interest rates that they can keep forever. This has caused them to feel stuck in place, in a home that might not fit their needs anymore.
🏠 Some people who have bought homes in the last few years feel squeezed by monthly payments that leave little cash left over.
🏠 Many people who haven’t bought a home are unsure when they will be able to afford one. High rents make it hard to save for a down payment.
Read more about how housing prices are impacting people’s plans for the future. Plus, here’s why some friends are teaming up to buy homes. This week, the series will cover how travel has changed. Stay up-to-date on the latest stories here.
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