Millennials are in peak nesting mode. We want the outdoor space many apartments lack, or the room to grow that a starter house doesn’t offer. There’s just a not-so-small problem.
The median existing home sales price of U.S. homes was $389,500 in August, according to the National Association of Realtors. That’s a 7.7 percent increase from August 2021. The average interest rate for 30-year fixed-rate mortgages topped 6 percent as of Sept. 15 this year, according to Freddie Mac. Compare that with an average rate of 2.86 percent just one year prior—that’s a 110 percent increase.
