The current housing market is characterized by fluctuating predictions, stagnant interest rates, and soaring prices, complicating homeownership plans. Renting has become more affordable than buying in all major U.S. cities, with a New York City mortgage costing 53% more than rent. High prices hinder aspiring homeowners from achieving the traditional American dream. Many are now choosing to buy their second home first, reflecting a shift in strategy amidst challenging economic conditions.
A recent study found that renting is now more affordable than buying in all 50 of the largest U.S. metros, making homeownership feel increasingly unattainable.
In May, the median sold price of a Manhattan home was $1.4 million, significantly outpacing rental costs and emphasizing the challenges of saving for a down payment.
Many aspiring homeowners are opting to buy their 'second home' first, reshaping traditional aspirations of homeownership that once centered on primary residences.
For those in high cost-of-living cities, the classic 'American dream' of owning a home has never felt more distant or difficult to achieve.
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