Reply to With interest rates and prices high, Americans are postponing their home searches by years, not months...

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[quote=Anonymous][quote=Anonymous][quote=Anonymous]40 percent of homes have zero mortgage on the United States. So what is their reason for not moving?
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Many of that 40% is retirees/near-retirees who intend to age in place anyways (which is fine, it’s what I will want to do in the future).

[b]In the past a lot of the housing turnover comes from people in the 30-50 age range who in the past have moved up the property ladder from condo-townhouse-SFH. This is the group that is not moving right now, because it’s nuts to go from that townhouse at 3% into a SFH at 7.4%[/b]

A poster above claims it is only 2020-2022 buyers locked in with the golden handcuffs of ultra-low rates, but they forget that so many existing homeowners refinanced in that timeframe.[/quote]

This is us. When we bought in 2020, the SFHs were 100-200k more than our townhouse, which we thought we could work up to in a few years, so we tried to buy the financially conservative smaller home to be responsible. Oops! Now the SFHs are 300k more and with the higher interest rates they would be almost triple our monthly payment even with our savings and equity. I definitely wanted this TH to be a starter house, but I definitely don't have the disposable income to make the kind of shift it would require now. [/quote]

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