Here's the latest sticker shock: Borrowing for a mortgage -- or a car
Rising interest rates set by the Federal Reserve are making borrowing for homes and cars significantly more expensive for consumers. This trend is contributing to 'sticker shock' as potential buyers struggle with the combined impact of high inflation and increased loan costs.
Why it matters
Increased borrowing costs directly impact consumer purchasing power and the broader housing and automotive markets.
Carrie Goldstein's dream for a new home started with a family reunion at her cousin's home in Milwaukee. The home was old with character and she could walk anywhere from the front door.
"We were kind of in awe and drooling over her walkability," Goldstein says.
Economy The Fed raises interest rates for the first time in over three years It was the lifestyle Goldstein wanted but lacked in her Cleveland suburb, which she says is also pretty walkable – with one major issue.
"There are lots of sidewalks," she says. "But you can't really go anywhere."
She brainstormed with her husband and realized nearby Rocky River was where they wanted to live. It was still a suburb, but with a quaint downtown and the option to walk to Lake Erie.
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