Many Homeowners Couldn't Afford Their House at Today's Prices
Summary
Rising home prices have pushed affordability to breaking point, putting homeownership out of reach for many Americans. The relentless surge in demand, coupled with limited supply, has created a frenzied market where bidding wars are the norm. As a result, median home prices have skyrocketed, leaving potential buyers struggling to keep pace. In major cities, the situation is particularly dire, with prices far exceeding income growth. Experts warn of a widening wealth gap as homeownership becomes a distant dream for lower-income families. With no relief in sight, the housing crisis threatens to deepen, casting a shadow over the American dream.
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