Home ownership costs have DOUBLED in 4 years according to Zi...
Home ownership costs have DOUBLED in 4 years according to Zillow:
The typical mortgage payment is up 7.2% over the last year and a whopping 103% since pre-pandemic.
Currently, the median sales price on a home in the US is $417,700.
This means that a mortgage payment on the median home would cost you $2,269/mo assuming 20% down.
When you factor in taxes, insurance and other ownership costs it's nearly $3,000/mo.
That's ~50% of the median PRE-TAX household income.
Clearly, this is a crisis. $SPDR S&P 500 ETF (SPY.US)$ $Invesco QQQ Trust (QQQ.US)$ $S&P 500 Index (.SPX.US)$ $Dow Jones Industrial Average (.DJI.US)$ $Nasdaq Composite Index (.IXIC.US)$
The typical mortgage payment is up 7.2% over the last year and a whopping 103% since pre-pandemic.
Currently, the median sales price on a home in the US is $417,700.
This means that a mortgage payment on the median home would cost you $2,269/mo assuming 20% down.
When you factor in taxes, insurance and other ownership costs it's nearly $3,000/mo.
That's ~50% of the median PRE-TAX household income.
Clearly, this is a crisis. $SPDR S&P 500 ETF (SPY.US)$ $Invesco QQQ Trust (QQQ.US)$ $S&P 500 Index (.SPX.US)$ $Dow Jones Industrial Average (.DJI.US)$ $Nasdaq Composite Index (.IXIC.US)$
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70638593 : yep that is why most banks have laid off their mortgage departments. nobody wants to pay 7% on 400K