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Right now, it’s harder than ever to buy a home. In 2022, an astronomical rise in mortgage rates coupled with already steep home prices pushed many out of the market altogether.

Meanwhile, countless renters saw their monthly payments soar to the point of becoming rent-burdened — a situation where one is putting more than 30% of their household income towards housing expenses. Although rents and home prices started to trend downward in recent weeks, many American households remain cost burdened.

Published by Kelsey Neubauer and Alcynna Lloyd in Business Insider.