Megan Holter, who began seeking to purchase in Austin, Texas, back in 2019, says, “It makes me cry a little bit.” At the time, banks were giving her a 30-year fixed rate of roughly 4.75%.
When the pandemic struck, she gave up looking since the rising cost of homes and building supplies made it unaffordable.
This year, she and her spouse acquired a house at last, but not before accepting a 6.625% interest rate and relocating 1,200 miles north to Columbus, Ohio. Columbus was chosen from a spreadsheet she made listing less expensive towns.
“We’ve been thinking about housing affordability for five years,” the 30-year-old adds. In order to finance the purchase of a property, he also changed careers from the public to the private sector.
“We’ve relocated.”
