Booming Economy, Low Mortgage Rates. So Why Can't So Many People Buy Homes?
Despite rock-bottom mortgage rates, existing home sales fell in April — the 14th straight month of year-over-year declines.
But according to Business Insider, the drop only hit one half of the market: Homes worth less than $250,000.
The median sale price in April hit $267,300, marking the 86th straight month of year-over-year increases.
A Fed study released this week suggests that many have been locked out the market.
The majority of renting households say they would prefer to own.
Rental costs have soared amid growing demand and lack of affordable home-buying options.
Rising healthcare costs and crushing student loans are also keeping would-be buyers in deeper debt, which decreases credit scores.