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- High home prices and mortgage rates are locking a lot of first-time homebuyers out of the market.
- A monthly mortgage on a new home is now 52% higher than rent on an apartment, per WSJ.
- Mortgage and rent used to roughly cost the same, according to CBRE.
The average monthly mortgage on a new home is 52% higher than the average rent on an apartment as housing prices and interest rates continue to climb.
This represents an all-time high since at least 1996, The Wall Street Journal reports, based on data from real estate firm CBRE.