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Buying Homes Gets Tougher
Description
Homeownership is slipping out of reach for many, as soaring costs and a severe shortage of single-family homes make buying tougher than ever. While apartments boomed during low rates, single-family construction stalled since 2008, leaving buyers stuck. Beyond the price tag, maintenance, taxes, and insurance have all spiked—owning a home now costs nearly $21,400 a year. Renting has become the smarter, cheaper choice, pushing first-time buyers’ average age to 40. Meanwhile, the rental market is cooling thanks to new apartment supply, slowing rent hikes and even offering perks like free parking. Lawmakers are stepping in with housing reforms to ease the squeeze.
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