Between 2021 and 2024, the typical mortgage rate for new homebuyers increased from 3.0 to 6.6 percent, meaning new homeowners are spending a larger share of their incomes than those who bought a house years ago. At the same time, home prices have increased alongside related expenses like insurance. Jung Hyun Choi spoke with Business Insider about these shifts in housing market conditions: “That really causes a greater gap between those who can enter into homeownership and those who are left as renters,” she said. 

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