"For generations, the American Dream has been defined by homeownership. But in 2025, that dream is harder to hold onto. Rising mortgage rates, high home prices and the day-to-day cost of living have left many families stretched thin. Even as interest rates show signs of easing, affordability pressures remain, forcing buyers to ask not only, Can I afford this home today? but also, Can I afford to keep it tomorrow?"
"The reality is the question of affordability only begins at closing. Nearly half of Americans say they couldn't cover a $1,000 emergency expense. For a new homeowner, that could mean a single breakdown like a furnace in the winter, a leaking water heater or a failing air conditioner can shift the balance between financial stability and financial strain. To preserve affordability and protect consumer confidence, buyers need a plan for sustaining their homes long after move-in day."
"The numbers speak for themselves. In 2024, 83% of homeowners faced an unexpected repair, nearly double from the year before and nearly half spent more than $5,000 addressing those issues. Since 2020, HVAC costs alone have nearly doubled, with prices projected to keep climbing. The stress takes an emotional toll. According to Angi, the anxiety tied to home repairs now outranks debt, healthcare and childcare for many families"
Homeownership affordability now depends on both purchase costs and the ability to sustain ongoing expenses. Rising mortgage rates, elevated home prices, and high living costs leave many families financially stretched and at risk after closing. Nearly half of Americans could not cover a $1,000 emergency, and many buyers deplete savings to close, leaving little cushion for repairs. Skipping inspections increases vulnerability to costly surprises. In 2024, 83% of homeowners faced an unexpected repair, with nearly half spending over $5,000. HVAC costs have nearly doubled since 2020 and emotional stress from repairs now outranks debt, healthcare and childcare for many families.
Read at www.housingwire.com
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