The Homeownership Dream Turns into a Nightmare for Young Adults The latest surge in mortgage rates has sent shockwaves through the American housing market, making it increasingly difficult for young adults to achieve their dream of owning a home.
The average interest rate on a 30 year fixed mortgage has reached 7. 2%, its highest level in over a year and a half, and coupled with record high home prices, this perfect storm is pricing out many would be buyers.
The median age of first time homebuyers has hit an all time high of 40, according to the National Association of Realtors.