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As interest rates soar, who's able to buy a home?

A For Sale sign displayed in front of a home in Miami, Florida.
A For Sale sign displayed in front of a home in Miami, Florida.

For some Americans, the dream of ownership is becoming less of a reality.

A new report from the National Association of Realtors shows the rate of first-time homebuyers is at its lowest point since the organization began tracking the data in 1981. Also, the race and gender gap in homeownership is widening. 

The disparity between Black and white homeowners reached its highest point in a decade. While single women, who up until recently were closing the gender gap, are now getting priced out

The pandemic helped skyrocket home prices. And as the number of available homes remains slim, affordability continues to be an issue. 

What’s going on in this market? And what will it take for homeownership to become possible for most Americans again?

Copyright 2023 WAMU 88.5

Michelle Harven