Owning a home is as American as apple pie. Although purchasing a house is a major component of the American Dream, it’s becoming increasingly difficult. The current state of the economy presents significant problems for Americans wanting to buy a home or upgrade.
Unfortunately, economic issues are multilayered, so interested parties must juggle multiple challenges. For example, interest rates remain stubbornly high. Rates for a 30-year fixed-rate mortgage are roughly 4% higher than they were in 2020, according to the Federal Reserve Bank of St. Louis. Higher rates can easily add hundreds of dollars to a monthly mortgage payment.
