EFG Magazine

Lost pay during the pandemic and high costs threaten strides they had made in homeownership, often a key driver of long-term wealth.

Karlet Hewitt and her son, Adam, moved from New York to Raleigh, N.C., where she hoped to buy a home.
Karlet Hewitt and her son, Adam, moved from New York to Raleigh, N.C., where she hoped to buy a home. Credit... Eamon Queeney for The New York Times

Tara Siegel Bernard

Nov. 11, 2021

Karlet Hewitt decided to make major lifestyle changes after experiencing the shocks of the pandemic: the income hit, the confinement, the view of the padlocked park through her third-floor apartment window. In February, Ms. Hewitt β€” a single mother to a 9-year-old boy β€” left Mount Vernon, N.Y., and headed south.

β€œThe goal for me was to buy a home in North Carolina because it was a better market,” she said. But Ms. Hewitt burned through a lot of her savings as she refocused her event-planning business on virtual gatherings, all while home prices shot up.