How Low Interest Rates Are Pushing Americans Out Of The Housing Market
Video Credit: Wochit - Duration: 00:40s - Published
How Low Interest Rates Are Pushing Americans Out Of The Housing Market
The price of US housing in the third quarter of 2020 saw the biggest year-over-year jump since 2013.
Markets Insider reports the median price for a single-family home rose 12%, mainly fueled by record-low mortgage interest rates.
But there's a downside: Not every American is benefitting from the rally.
In fact, Q3 saw the proportion of first-time homebuyers drop to just 31%.
That's the lowest share in over 30 years.
As home prices significantly outpace median family income growth, more Americans have been pushed out of the housing market and have had to delay homeownership.
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