High Housing Costs Is Pricing Out Homeownership From Millions

Record-high housing costs and rising interest rates have priced out millions of potential homeowners from the market, according to data from the Joint Center For Housing Studies of Harvard University.

A rise in home prices has pushed the median sales price to about five times the median household income, putting the national home price index 47% higher than early 2020, according to JCHS.

Data compiled by JCHS found interest rates on the 30-year mortgage rate rose to 7% in April, pushing mortgage costs to 30-year highs for a median-priced home.