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Record Home Prices Rev Up the Single-Family Rental Market
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Steeper borrowing rates and high prices in the housing market are leading many buyers to give up. That is welcome news for owners of single-family rental homes.
Prospective home buyers face affordability issues that are likely to get worse before they get better. Existing-home sale prices reached a record median of $407,600 in May, while sales slid for the fourth consecutive month. Mortgage rates have nearly doubled since January, helping to boost the median mortgage payment for new loans by $513 a month, according to the Mortgage Bankers Association.
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