With interest rates still hovering between 6.5% and 7% and the median home price in the U.S. around $422,000 as of May, getting on the property ladder for Gen Z and millennials is proving harder than ever. Most Americans need to earn six figures to have a hope of qualifying for a mortgage.
It’s hardly surprising that the number of first-time homebuyers is now at an all-time low, according to the National Association of Realtors (NAR). Adding to the rental demand are seniors opting for rental properties over mortgages and the associated property maintenance costs.
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