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Chart of the Week
Back to the Parents’ Basement
Long considered a key pillar of wealth creation, home ownership in the United States has shown its teeth as mortgage rates have more than doubled over the previous twelve months. In our estimate, servicing the costs of owning a home in today’s market has increased by 71% from the year prior. Despite this lack of affordability, we believe the housing market will bend, not break, as challenged supply will be supportive of home prices.
Source: U.S. Census Bureau, Freddie Mac, and Goldman Sachs Asset Management.