Washington, DC CNN —Americans are living through the toughest housing market in a generation and, for some young people, the quintessential dream of owning a home is slipping away.
Mortgage rates surged in recent years, hitting the highest levels in more than two decades last fall.
CNN spoke with some young Americans about their thoughts on the current state of the US housing market and their plans for the future.
“The housing market is not a single person’s market.”What typically happens when a regional housing market becomes too unaffordable is that people without the means simply move somewhere cheaper, such as a suburb an hour away, for example.
Still, affordability takes into account mortgage rates, family incomes and single-family home prices, which remain a vexing pain point.
Persons:
It’s, Baby, Brandie Grant, Grant, ”, “, ” Brandie Grant, Brandie, Ross, Emily Bunton, Ross Bunton, That’s, ” Bunton, I’m, Corey Griffis, ’, hasn’t, ” Griffis, Shyahm Aguilar, Shyahm Aguilar Shyahm Aguilar, Aguilar, we’ve, ” Aguilar, that’s, there’s, Fannie Mae’s, ” Mark Palim, Fannie Mae, Mario Tama, Daryl Fairweather, Redfin’s, Sofiya Vyshnevska, Vyshnevska, “ Young
Organizations:
DC CNN, Baby Boomers, CNN, San Francisco Bay Area, National Association of Realtors, Housing Administration, Montana State University, Federal, Housing Survey, “, NAR
Locations:
Washington, San Francisco Bay, United States, St, Louis , Missouri, Portland , Oregon, Mexico, Santa Fe , New Mexico, Santa Fe, Merida, Colorado, Phoenix, Queen Creek , Arizona, Minneapolis, Houston, Dallas, Austin , Texas, Tampa, Jacksonville, Orlando, Florida, Atlanta