- High home prices and mortgage rates have made the housing market especially tough for millennials, leaving many priced out of buying larger or new homes. As a result, a growing number of homeowners are opting to renovate by tapping home equity to stay put. This shift reflects the new reality where renovating for function and value, rather than moving, is becoming the norm among younger generations.
No matter which way you slice it, the housing market is challenging for just about everyone right now. Mortgage rates nearing 7% and elevated home prices have kept buyers out of the market. Sellers have gotten fed up with not getting the offers they think they deserve.
