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Mortgage payment on a typical home nearly doubled in last 4 years, report finds

Mar 1, 2024
According to real estate firm Zillow, the typical buyer pays $2,188 monthly — well above the 30% of median income guideline used to calculate housing affordability.
Homeownership now costs well over the 30% of median income that was once thought to equate to “affordable” housing in the U.S.
Roberto Schmidt/AFP via Getty Images

Homebuyers face a double whammy: rising mortgage rates and rising prices

Oct 5, 2023
The average monthly payment on a new mortgage rose 46% in 2022, and home prices and mortgage rates have continued to climb in 2023.
With home prices and interest rates so high, people are increasingly having trouble qualifying for a mortgage.
Joe Raedle/Getty Images

Rising interest rates and soaring home prices put mortgage payments out of reach for many

May 26, 2022
The median payment on a new mortgage increased almost 9% from March to April.
Pending home sales declined by 3.9% in April, the sixth consecutive monthly drop.
Scott Olson/Getty Images