For many Americans today, homeownership is an unattainable dream.

In 2022, the average long-term U.S. mortgage rate rose to 7% for the first time in more than two decades. The median sales price of existing homes climbed to a record US$416,000 while demand for mortgages dropped to a 25-year low.

Experts forecast a turnaround in 2023, predicting a fall in home prices and mortgage rates. With the housing market likely to cool modestly, the prospect of a gradual return to affordability may sound like music to buyers’ ears.

But should people be purchasing property at all?

My research examines the negative impact of property ownership. Despite the current state of the housing market, property is still considered a sound investment – at least for the limited group who can afford it. However, property ownership can have serious consequences on others’ lives.

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https://theconversation.com/the-ethics-of-home-ownership-in-an-age-of-growing-inequality-196775