Lorene Cowan, 44, thought she would own a home by now. However, in New York City, where Cowan lives and works, home prices have soared beyond reach.
“I would love to buy a home. That’s the next step,” said Cowan, a business and life coach. But “in New York, the entry in became so much more difficult,” she said.
In fact, New York notched the highest annual rise in home prices of all the metropolises in the latest Case-Shiller 20-city composite, up 7.4% in May compared with the prior year. The median listing price of a home in New York City is now more than $829,000, up 3.8% year over year, according to Realtor.com.
Mortgage rates have made a ‘substantial improvement’
Fewer young adults reach key life and money milestones
