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Housing Crisis Deepens Amid High Costs | Annapolis News
Housing is out of reach for most: it now takes nearly $110K to afford a typical home, but average households earn just $83K—leaving a $27K gap. Prices aren’t falling despite slower sales, thanks to stubborn inflation, rising mortgage rates (now hovering around 6%), and homeowners locked into low-rate deals. Starter homes offer some relief, but first-time buyers still face steep hurdles. The pandemic’s housing boom, fueled by ultra-low rates, left prices soaring—and when rates climbed, prices stayed high. Builders struggle with rising costs and labor shortages, while property taxes and…
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