Home » World News » Rate hikes, high prices leave first-time homebuyers ‘frustrated’
Rate hikes, high prices leave first-time homebuyers ‘frustrated’
Rate hikes, pricey properties present challenges for first-time homebuyers
FOX Business’ Gerri Willis reports from Hartsdale, New York, where first-time homebuyers are struggling with high market prices.
First-time homebuyers are growing increasingly "frustrated" by interest rate hikes and pricey properties presenting new challenges to an already red-hot real estate market.
"Only in New York, in Westchester, can I make a six-figure income and have to move into my parents’ basement to try and save more money to be able to afford a home," first-time buyer Sal Costello told FOX Business’ Gerri Willis.
Costello, who’s been looking for a house with his wife for a year and a half, hasn’t been able to close a deal after making three separate offers – and he’s not alone.
Half of homebuyers say their top concern is affordability, according to a U.S. News & World Report survey out this month. Census data shows the median sale price of new homes was $400,600 in February 2022, up from $362,000 one year ago.
RENTAL AND HOME PRICES EXPECTED TO RISE EVEN MORE THIS YEAR, FORCING SOME TO PACK UP AND MOVE