U.S. home buyers are becoming more willing to purchase properties even as interest rates stay high, according to a study by Bank of America published on Monday.
Because a few years ago(2019) a 350k home would be a mortgage payment of $1552. Now it is $2293. That’s a 47% increase in monthly payment. Most people didn’t receive 47% increase in compensation since 2019.
Agreed. Most people buying homes have been planning to do so for a few years, why would they stop now?
Because a few years ago(2019) a 350k home would be a mortgage payment of $1552. Now it is $2293. That’s a 47% increase in monthly payment. Most people didn’t receive 47% increase in compensation since 2019.
Median Home Price is ~420k
https://www.rubyhome.com/blog/average-home-prices/