Homeownership is slipping out of reach for most Americans as median incomes can’t keep up with soaring housing costs—now requiring nearly $110K annual income to afford the average home. With mortgage rates climbing past 6%, monthly payments have ballooned, and many homeowners are stuck in low-rate deals, unwilling to refinance. Fewer homes on the market, rising property taxes, and inflation-driven construction delays are keeping prices stubbornly high. While new federal legislation aims to speed up housing supply, the shortage remains a massive hurdle for dreamers of owning a home.
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