One in five aspiring homeowners think they will never be able to save enough to purchase a home, according to Bankrate's Down Payment Survey.
Because wages haven't kept pace with home prices and interest rates are considerably higher than pre-2020, purchasing a home has become increasingly expensive, and millions of Americans, especially young people, "feel locked out of homeownership," according to the report.
Homebuying costs have risen by about 50 percent since January 2020 and wages grew just 23 percent between the fourth quarter of 2019 and November 2023, according to a Center for American Progress analysis of Bureau of Labor Statistics data.
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