The American dream of homeownership is facing its toughest test in a generation. With mortgage rates having only recently dropped from nearly 7%, home prices at record highs, and inventory limited, many would-be buyers feel boxed out of the market.

For first-timers in particular, the financial barriers to homeownership may seem insurmountable. Higher mortgage rates can add hundreds of thousands of dollars in interest over the life of a loan. Maintenance costs and insurance premiums are on the rise, and property taxes have ballooned since before the pandemic.

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