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A ‘Perfect Storm’: Sharp Rise in Home Prices, Mortgage Rates Driving Working Americans out of the Market

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A ‘Perfect Storm’: Sharp Rise in Home Prices, Mortgage Rates Driving Working Americans out of the Market
A house's real estate for sale sign shows the home as being "Under Contract" in Washington on Nov. 19, 2020. Saul Loeb/AFP via Getty Images
Michael Washburn
By Michael Washburn
5/14/2022Updated: 5/17/2022

The dramatic rise in home prices and mortgage rates in the early months of 2022 has had a relatively limited effect on wealthy buyers and sellers, but has had a severe impact on lower-income Americans—and the Democratic Party may pay a steep price for their frustrations in the November midterm elections and beyond, according to real estate analysts and commentators.

Average interest rates on mortgages went from around 3 percent to 5 percent in the first three months of the year, and payments are now 38 percent higher than a year ago, according to a Politico report citing figures from real estate listing service Zillow.
Michael Washburn
Michael Washburn
Reporter
Michael Washburn is a New York-based reporter who covers U.S. and China-related topics for The Epoch Times. He has a background in legal and financial journalism, and also writes about arts and culture. Additionally, he is the host of the weekly podcast Reading the Globe. His books include “The Uprooted and Other Stories,” “When We're Grownups,” and “Stranger, Stranger.”
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