Although quickly rising mortgage rates are already appearing to cool overheated housing markets, they are putting the homeownership dreams of millions of Americans even further out of reach, researchers and housing industry experts said.
The record run-up in home prices and rents exacerbated the affordable housing crisis in the US, and rising interest rates stand to make it even worse, according to Harvard University's annual State of the Nation's Housing Report released Wednesday.
But in March 2022, home prices rose 20.6% year-over-year - which was the largest jump in 30 years of record-keeping, according to Joint Center for Housing Studies tabulations of CoStar and CoreLogic Case-Shiller Home Price Indices data. Rents shot up as well, especially for single-family homes that served as remote office spaces for families during the pandemic.
The increase in home values and record-low interest rates during the heart of the pandemic further widened the already drastic wealth gap between homeowners and renters, as well as racial inequities, according to the study. About 10% of households were behind on their rent or mortgage payments during the period of December 2021 to April 2022. The share of renters behind on payments was 14.5% versus 6% for homeowners, researchers found.
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