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Homebuyers’ purchasing power is rapidly slipping away as mortgage rates continue creeping up, according to a new analysis. In fact, someone with a $3,000 monthly budget can now only afford a $429,000 home compared to a $500,000 one a year ago.

Historically high mortgage rates, rising prices and low inventory are making it especially difficult to purchase a home right now. The estimate, which comes from real estate brokerage Redfin, reflects a $71,000 loss in buying power since last August: yet another blow to long-suffering U.S. homebuyers, who have been dealing with unfavorable market circumstances since 2020.