Realtors reveal why the American dream of buying a home is nearly dead
Most Americans still dream of owning a home, but it's increasingly likely that it remains just that - a dream. Due to sky-high mortgage rates, the expense of a home and its care, a shortage of housing, and soaring down payment and closing costs, many people believe it's nearly impossible to reach that white picket fence fantasy. According to the US Federal Reserve, the median American house price was $420,400 in the third quarter of 2024 - a number many people just can't afford.
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