High mortgage rates in the US are making homeownership unattainable for many Americans, affecting their economic mobility and life plans. With rates hovering around 7%, affordability has become a major issue, as the median home price reaches a record high of over $400,000. This situation is expected to widen the wealth gap between homeowners and renters, with renters facing a 60% likelihood of never being able to own a home. The high costs have forced some potential buyers to continue renting indefinitely, while others who have purchased homes struggle with strict budgets and the inability to refinance their mortgages.
