Rising Home Prices and Mortgage Rates Deepen Housing Affordability Crisis for Renters

A significant increase in renters now believe homeownership is out of reach, with nearly 40% expressing doubt they will ever own a home.

Recent surveys show a sharp rise in pessimism among renters, with 38% doubting they will achieve homeownership, up from 27% last year.
Mortgage rates have surged, reaching levels not seen since the early 2000s, further complicating affordability for first-time buyers.
The median monthly mortgage payment has hit a record high of $2,747, an 11% increase from the previous year.
Home prices have soared by over 40% since 2019, fueled by low inventory and high demand during the pandemic.
Renting remains a more viable option for many, as the barriers and upfront costs of buying a home are currently too steep for most.