Existing homeowners in America have seen their wealth on paper explode as home prices have surged across the country. A recent report from the Aspen Institute highlights the gaping wealth chasm that has formed between homeowners and renters in America. The median homeowner in America has a net worth of $400,000 as of 2022, the most recent data available, while the median renter’s net worth is just $10,400, according to the report. At the same time, the days of sub-4% mortgage rates appear to be in the rear view window after the Federal Reserve began hiking interest rates to tackle inflation in 2022. Skyrocketing home prices aren’t the only barrier to entry: Mortgage rates remain persistently high.

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Persons: Elizabeth Grantham, ” Grantham, “, it’s, haves, Grantham, We’ll, ”, Jordan Swanson, Freddie Mac, Katherine Lucas McKay, Decisionmaking —, ” McKay, Brandon Bell, —, McKay, Shane Phillips, don’t, There’s Organizations: CNN, San Francisco Bay Area, Aspen Institute, National Association of Realtors, Federal Reserve, Aspen Institute’s Financial Security, Aspen, Federal Reserve’s Survey, Consumer Finances, Survey, Household Economics, Getty, UCLA Lewis Center for Regional Policy Studies Locations: San Francisco Bay, Washington, America, Tacoma , Washington, Seattle