Mortgage costs have hit their highest level in 23 years under Joe Biden, with prospective buyers now having to submit to an average rate of 7.5 percent for a 30-year home loan, up from 7.3 percent just last week and an average of 6.7 percent last year.
The rate rise puts the archetypal house and white picket fence so associated with the old-fashioned notion of the American Dream further out of reach for many young Americans, who are becoming homeowners progressively later in life, or not at all.
Home ownerships are falling across the country, with Virginia currently the worst-impacted U.S. state, with an 8.8 percent drop. North Dakota, North Carolina, Connecticut, Georgia, and Ohio have also been hit hard, seeing drops of 7.3 to 7.5 percent.
People now have to be able to put up over $2,000 a month to cover their mortgage costs in 31 states, with Hawaii the most expensive of all with costs over $5,000 a month.
Americans who give up on their home ownership dreams in favor of renting are scarcely better off, with the average single-family home costing at least $1,900 a month.
