Those higher mortgage rates, in turn, created a "golden handcuff" effect in the housing market. Sellers who locked in a record-low mortgage rate of 3% or less during the pandemic began have been reluctant to sell, limiting supply further and leaving few options for eager would-be buyers. ...
Like New York, a lot of that has to do with low mortgage rates. According to Trulia, rates would have to climb to 7% or more for renting to be a better deal than buying a home. Of course, a lot depends on what part of the city you live in. Residents of Bel Air,...