U.S. Housing Affordability Crisis Deepens, Dashing Homeownership Dreams

A New York Fed survey reveals a sharp decline in renters' confidence about buying homes amid soaring costs and rising mortgage rates.

Only 13% of renters now believe they will be able to purchase a home, hitting a record low.
Mortgage rates expected to climb to over 8% next year, exacerbating affordability issues.
Home prices projected to increase by 5.1% over the next year, further straining buyer capacity.
Renters face a 9.7% hike in rental costs over the next year, one of the sharpest increases on record.
The 'lock-in' effect keeps current homeowners from selling, tightening housing market supply.