{"id":1035,"date":"2022-03-01T07:24:31","date_gmt":"2022-03-01T07:24:31","guid":{"rendered":"https:\/\/staging.jillteam.com\/blog\/?p=1035"},"modified":"2025-05-19T07:19:58","modified_gmt":"2025-05-19T07:19:58","slug":"mortgage-payments-have-increased-by-22-5","status":"publish","type":"post","link":"https:\/\/staging.jillteam.com\/blog\/mortgage-payments-have-increased-by-22-5\/","title":{"rendered":"Mortgage Payments Have Increased by 22.5%"},"content":{"rendered":"

As home prices continue to rise more quickly than salaries, housing affordability is narrowing<\/a>. According to the National Association of REALTORS\u00ae (NAR), median household income increased by 4.5% from Dec. 2020 to Dec. 2021, but monthly mortgage payments increased by 22.5%.<\/p>\n

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In the coming months, the potential of increased mortgage rates might offer another obstacle to home affordability.<\/p>\n

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According to NAR\u2019s latest quarterly housing report, the average monthly mortgage payment on an existing single family home increased to $1,240 in the fourth quarter, based on a median home value of $361,700, a 20% down payment and a 3.13% 30-year fixed-rate mortgage. In comparison to a year earlier, this is a $201 increase.<\/p>\n

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According to NAR data, mortgage payments now account for 16.9% of a family\u2019s household income, up from 14.7% a year earlier.<\/p>\n

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The good thing is that when more houses come on the market later in 2022, home prices should begin to stabilize.<\/p>\n

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Where do families need to earn the most money?<\/strong><\/p>\n

A family required more than $100,000 in 20 regions to finance a 10% down payment on a home. The median house sale price in these areas varied from $537,400 to $1.675 million. The following are some of the most expensive metro areas to live in:<\/p>\n

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