A severe U.S. housing shortage is driving up shelter costs amid rising interest rates, making homeownership increasingly unaffordable. High home prices, mortgage rates above 7%, restrictive zoning, under-building, and inflation in construction materials contribute to the crisis. Many homeowners are "locked in" with low mortgage rates, reducing housing supply. Further interest rate hikes are likely to combat inflation, impacting mortgage rates and affordability.
Continue to full article
