If you bought a house before 2022, then you should count yourself among the fortunate.

The rise in mortgage rates coupled with still steep housing prices in most markets is quickly putting housing affordability out of reach for many.

While everyone is struggling, the situation is especially acute for first-time buyers — and it’s preventing them from building the kind of financial security that comes with owning a home.

And since homeownership is the primary source of wealth for most families, it’s only serving to exacerbate a wealth gap between those who own homes and those who don’t.

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How we got here

During the Great Recession, housing prices dropped 33% across the country. But the historically low interest rates that followed made for a pretty good buying opportunity.

In the decade that preceded the pandemic, the value of owner-occupied housing climbed back up. In nearly 100 metros, home values rose more than $8 trillion, according to a report from the National Association of Realtors.

But it was the ultra-low interest rates during the pandemic years that encouraged a boom in buying, causing house prices to spike to historic levels in many areas — and pushing homeownership out of sight for many.

Since the beginning of the pandemic, the cost of owning a home has hit new heights. According to Zillow’s August housing report, the monthly mortgage payment on a typical home bought in 2022 has almost doubled since 2019, going from $897 to $1,643.

That makes it doubly hard to actually get your footing on the property ladder, if you aren’t already. But it also means that people who owned before pandemic demand sent prices soaring have the advantage of a lower mortgage payment and, very likely, a lower locked-in interest rate.