"Affordability of Homeownership Limited for Most Renters Across US Cities"

Only four major US cities, all Rust Belt cities, have affordable housing markets where the typical renter can afford to buy 50% or more of the homes for sale, according to a new analysis from First American Financial Corp. The decline in affordability for first-time homebuyers is due to surging mortgage rates and home prices. Homeownership is considered one of the best ways to build wealth, but the drop in affordability may hurt a family's chance of securing their financial future. First American Financial Corp advises renters to shop around for a mortgage and save for a down payment.