The price and demand for rentals hasurged as "many potential first-time homebuyers are quickly being priced out of the market by record-high home prices and fast-increasing mortgage rates," Redfin chief economist Daryl Fairweather said in a statement.
The national median monthly mortgage payment for homebuyers rose twice as fast in March, up 34% compared with a year ago to $1,910. Although renting may help buyers save money "in the near term," they will still be faced with "continued rent increases, year after year," he added.
Private equity buying up properties has contributed to rising home prices. More than one factor invoked in rising home prices
That is me . Hell I can’t even afford a one bedroom apartment on a limited income SSID
Yikes! Glad we bought during lockdown.