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'Higher mortgage rates have a direct impact on borrowing costs, hurting affordability,' said Nadia Evangelou, senior economist at the National Realtors Association. 'At today's rate, buyers need to put more than 20 percent down if they don't want to be cost-burdened. If you have any thoughts about where by and how to use Best tutoring USA, you can contact us at our page. ' 

For states, those with less urbanization tend to have higher ownership rates  When it comes to statewide rates of home ownership, the trend shifts, and states with lower urbanization rates tend to have higher home ownership rates, regardless of region.





Meanwhile, cities with the highest percentage of home ownership were concentrated in the Sun Belt, with four of the top 15 cities located in Arizona and three in Florida. Buckeye, Arizona ranked number one, with a home ownership rate of 92.39 percent.

'With home-selling sentiment now lower than it was pre-pandemic - and Online Geimetry 5th Grade Program homebuying sentiment remaining near its all-time low - consumers on both sides of the transaction appear to be feeling cautious about the housing market,' said Duncan in a statement.





After peaking at an all-time high of 69.4 percent in 2004, national home ownership rates trended downward for more than a decade before hitting 63.1 percent in 2016, the lowest level in records dating back to 2016.