High mortgage rates cause new trend of young adults moving back in with their parents to save money

Since mortgage rates have hit their highest level in more than two decades, a new trend has started where young adults are moving back in with their parents.Since mortgage rates have hit their highest level in more than two decades, a new trend has started where young adults are opting to move back in with their parents.

"I don’t have your traditional W-2s, so it has to go off my taxes and I needed a payment plan letter from the IRS to purchase my property," said Pace. Thanks to moving back home with his family for three years, he was then able to save his earnings from cutting hair, in order to buy his home. "The lack of affordability is what I consider the crazy part because people go to college, they get out of school they want to buy that first home and then wow here we are." said Risco. The rate on the 30-year fixed mortgage now stands at 7.63%.

Loans Loans Latest News, Loans Loans Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

The best ways to take advantage of today's high CD rates, according to expertsMany CDs pay attractive interest rates. Here are some ways to take advantage of these yields.
Source: CBSNews - 🏆 87. / 68 Read more »

Low inventory, high interest rates lock potential homebuyers out of housing marketFor the first time in nearly two decades, mortgage interest rates hit 8%, a rate so high that it's locking some would-be homebuyers our of the housing market.
Source: ABC7NY - 🏆 592. / 51 Read more »

BoE likely to keep high rates on hold even as signs of slowdown mountThe Bank of England looks set to keep interest rates on hold next week but also stress that it is far from relaxing its fight against Britain's high inflation rate, despite growing worries about a recession.
Source: Reuters - 🏆 2. / 97 Read more »