As the real estate market continues to skyrocket in many cities, prospective homebuyers are feeling increasingly hopeless in their mission to find a home in their budget. Prices on homes are at an all-time high and with mortgage rates also continuing to inch up, homebuyers are finding themselves in a tough bind. The lack of affordable housing is only compounding the feeling of being “locked out” from the prospect of home ownership. The steady increases in both prices and mortgage interest rates are making it extremely difficult for potential homeowners to break into the market. For instance, an average-priced single-family home in March 2021 was 8.1% higher than a year ago. And with mortgage interest rates at their highest in more than seven years, the situation is only getting worse for aspiring first-time buyers. These unfortunate trends are also having a devastating impact on minority communities, who are already struggling to break into the housing market. According to the National Association of Real Estate Brokers, the median net worth of white households has surpassed that of black households by an astonishing 17-to-1 ratio. By making the market so difficult to navigate for minorities, this gap looks to only widen in the future. To offset this situation, many cities have implemented first-time homebuyer initiatives, such as lowered down payment requirements and housing counseling. However, even with these efforts, it will still be a long road for many prospective buyers. Until the market cools off and mortgage interest rates stabilize, it will remain a daunting task for most.