The rising costs of buying a home in the U.S. are making homeownership unattainable for many. High down payments, increasing home insurance rates, and nearly USD15,000 in annual hidden costs are major barriers. A JPMorgan Chase Institute report highlights how factors like income, race, and lender type affect closing costs. Borrowers at banks paid an average of USD5,119 in closing costs, with lower-income borrowers hit hardest. Nonbank and broker loans are even pricier. Racial disparities also exist, with Black and Hispanic borrowers paying more. Financial literacy is crucial, as many buyers lack understanding of mortgage terms, affecting their ability to negotiate better deals. Assistance programs and lender credits can help, but buyers must be informed and prepared.