Homeownership is receding further out of reach for most Americans as elevated mortgage rates and rising prices stretch the limits of what buyers can afford.

Shopping for a new home.

The Federal Reserve gave home shoppers what they hoped for this week: a big rate cut and a signal of more cuts to come.

At a time when rising gasoline and food prices are already straining Americans’ budgets, many apartment tenants are grappling with soaring rents.