- High home prices and mortgage rates have made it much harder for Americans—especially first-time buyers—to purchase homes. Many current homeowners, especially those with low or no mortgage payments, are staying put rather than selling, further limiting supply and keeping prices high. Now that more Americans own their homes outright and are building wealth, fewer are tapping into that equity due to high borrowing costs.
The quintessential American dream is to become a homeowner. For generations, it’s been seen as a symbol of economic stability and a beacon for building wealth.
