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Rising interest rates making home-buying harder

Nationwide, the median price for a home is $340,700.
Currently, the rate for a 30-year fixed loan mortgage is just over 6%.
Published: Jun. 23, 2022 at 5:38 AM EDT
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CHARLOTTE, N.C. (WBTV/CNN) - Rising interest rates are pushing the American Dream of owning a home out of reach for millions of people.

Currently, the rate for a 30-year fixed loan mortgage is just over 6%. Last year at this time, it was 3.54%.

That increase adds up to hundreds of dollars more every month.

In northeast Charlotte, the area is booming with new houses, apartments and businesses. This all started before those rising interest rates and inflation.

Harvard University just released a study and found the income needed to qualify for a home has priced out about four million renters over the past year.

Nationwide, the median price for a home is $340,700. Researchers found buyers need to make $28,000 more in April to afford a home over the same time last year.

When looking at the numbers for Charlotte, the median sale price was just above $393,000.

BankRate.com found the Charlotte metro area, which includes Concord and Gastonia, ranks 40th for first-time home buyers.

That same study found Pittsburgh and Minneapolis as the best cities for first-time homebuyers, meaning those looking for affordability better get used to the idea of much colder weather.

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