“The scales are shifted toward homebuyers with higher incomes and a better financial background. “ We’re far from affordability for the masses,” according to Zillow senior economist, Nicole Bachaud. The typical household income for first-time buyers soared to as much as $90,000 in 2022 from about $70,000 in 2019. The difficulties for first-time buyers have been escalating for years. During the pandemic boom, they were frequently squeezed out as they competed against people with cash and investors who frequently target starter homes. The average rate for a 30-year, fixed mortgage climbed for a fourth straight week, reaching 6.65%, Freddie Mac data released Thursday show. Now, as the spring homebuying season approaches, tight inventory and uncomfortably high interest rates mean that the American dream can only be achieved by those with high-paying jobs, lots of money, or rich parents, Bloomberg reports.
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