Gov. Kathy Hochul announced a $50 million budget to assist first-time homebuyers in New York, highlighting the state's commitment to making homeownership more attainable.
With current mortgage rates at 6.93% and median home prices soaring, prospective New Yorkers face significant obstacles in achieving home ownership.
The American dream of homeownership remains strong, with 75% of Americans affirming its importance, though generational differences reveal waning optimism among younger buyers.
The path to homeownership can be lengthy, often taking four to six months even before house hunting begins, influenced heavily by market competition and inventory.
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