A recent New York Federal Reserve survey found that only 13.4% of renters still believe they will afford a place to buy, indicating a sharp decline from previous years.
Renters are challenged by high mortgage rates, averaging 7.22% for a 30-year fixed-rate mortgage, making affordable homeownership increasingly difficult.
Housing affordability remains a concern, with median prices at $388,700, and renters anticipate further price surges and climbing mortgage rates, intensifying the struggle.
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