Moving in and paying up

Moving in and paying up

19-08-2022 | Daily sketch

In the US, mortgage payments for homes are increasing more rapidly than home prices due to a sharp rise in mortgage rates from 3% two years ago to 5.3% now. At the same time, real median home prices have increased from about USD 350,000 to USD 440,000. So taking out a 30-year mortgage to purchase a home has become significantly more expensive. Real wage growth is not keeping up and therefore one could say that homes have become less affordable in the US. Taking out a 30-year mortgage to buy a median-priced home in the US now sets one back USD 3,155 per month compared to USD 1,943 two years ago, an increase of 62%.

Source: St. Louis FRED, 2022

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