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It is a notable irony that homeownership is singled out as an essential step toward long-term financial wellness, but actually being able to afford a first home is becoming increasingly unrealistic for today's young adults.
Home prices climbed at a record pace during the last year and a half, according to CNBC. Forbes Advisor and the National Association of Realtors recently reported that the median price for an existing home in the United States jumped 15% between August 2020 and August 2021. At the same time, high demand for real estate has created a nationwide housing boom.
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Elana Ashanti Jefferson
Elana Ashanti Jefferson serves as ALM's PropertyCasualty360 Group Chief Editor. She is a veteran journalist and communications professional. Reach her by sending an e-mail to [email protected].
