With mortgage rates below 6.5%, lots of recent buyers are deciding to refinance. But there hasn’t been a similar increase in prospective buyers entering the market.
Allen J. Schaben/Los Angeles Times via Getty Images
The number of households that are homeowners in the U.S. has fallen, ever so slightly, by 0.1% year on year. Still, today’s homeownership rate of 65% is par for the course.
It depends what region they work in, but overall they're finding ways to help buyers navigate a market full of expensive homes, high interest rates and, in some cases, soaring insurance costs.
“I want a house so badly,” said Ashley Ayala of Texas. “But for work, I travel three weeks out of the month... It is very hard for me to justify the largest purchase of my life when I am only home one week a month.”
Median property taxes in the U.S. rose by an average of more than 10% between 2021 and 2023, according to an analysis by LendingTree. More than half of homeowners with a mortgage are paying more than $3,000 a year.