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I think mortgage rates affect the HCOL areas more, anyone owning is holding (I'm at 4.8% and thought that was high), anecdotally people would rather rent or move to another state than pay 6%+ at the current market rates.
I don't think you can buy a detached single family within 30 minutes of me for under $1m, which puts your minimum payment in the $6-7k range.
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