Did you buy a house before 2022? If the answer is ‘no,’ you will likely be on the wrong end of financial inequality over the next decade — here’s why – Yahoo Finance

If you bought a house before 2022, then you should count yourself among the fortunate.

The rise in mortgage rates coupled with still steep housing prices in most markets is quickly putting housing affordability out of reach for many.

While everyone is struggling, the situation is especially acute for first-time buyers — and it’s preventing them from building the kind of financial security that comes with owning a home.

And since homeownership is the primary source of wealth for most families, it’s only serving to exacerbate a wealth gap between those who own homes and those who don’t.

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How we got here

During the Great Recession, housing prices dropped 33% across the country. But the historically low interest rates that followed made for a pretty good buying opportunity.

In the decade that preceded the pandemic,…

Read Full Story: https://finance.yahoo.com/news/did-buy-house-2022-answer-161500705.html

The post Did you buy a house before 2022? If the answer is ‘no,’ you will likely be on the wrong end of financial inequality over the next decade — here’s why – Yahoo Finance first appeared on SEO, Marketing and Social News | OneSEOCompany.com.

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