Interest rate hikes and pricey properties present unprecedented challenges for first-time homebuyers.
"Only in New York, in Westchester, can I make a six-figure income and have to move into my parents’ basement to try and save more money to be able to afford a home," first-time buyer Sal Costello told FOX Business’Costello, who’s been looking for a house with his wife for a year and a half, hasn’t been able to close a deal after making three separate offers – and he’s not alone.
Half of homebuyers say their top concern is affordability, according to a U.S. News & World Report survey out this month. Censusshows the median sale price of new homes was $400,600 in February 2022, up from $362,000 one year ago.But there’s another hurdle in the way: 30-year fixed mortgage rates have now hit 4.16% according to Freddie Mac, reaching their highest levels since 2019.
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