Across the country, many are faced with the same challenge when buying a home.
Mortgage rates and inflation price many out of the market.
“It’s energy, groceries and housing that is at its highest right now, and everyone is noticing it. And so right now, housing is more of a luxury. At this point, it’s not even a necessity,” says Olivia Gaxiola, a milennial here in Tucson who wants to buy a home.
Gaxiola is not the only member from her generation being priced out by the market.
But good news could be coming in the form of interest rate cuts by the Federal Reserve.
The FED hasn’t made changes to rates since July of 2023, but that is set to potentially change.
“No one has a crystal ball to be able to predict that, but the markets are pricing in that the Fed is going to cut the federal funds rate two times this year and four times next year,” says Derrick Polder, senior loan officer at the Polder Group.
Polder says he thinks the market is approaching the range where home buying will be an option.