COST OF LIVING • HOUSING AFFORDABILITY
Six years ago, the monthly payment on a median-priced home was about $1,311. Mortgage rates sat near 3%. The median sale price was closer to $311,000. Today you’re looking at a 6.66% rate, a median price above $406,000, and a monthly payment that’s doubled. Pending home sales just fell to a five-month low, the steepest weekly drop since 2022. When your kids say they can’t afford a house, this is the number they’re staring at.
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At $2,631 a month, three years of mortgage payments will run you more than the median existing home cost in 1990.
