Monthly housing costs on the rise


Monthly housing costs on the rise
By Scott Rogers • January 29, 2015
It had to happen eventually. The analysis above shows the monthly cost of financing 80% of the purchase price for a median priced home over the past ten years. A few observations.... The monthly cost of a median priced home peaked in 2007 at $1,123 per month. The monthly cost then dropped 31% between 2007 and 2012 to $779 per month. The monthly cost has risen over the past two years, to $841 per month. The increases in monthly housing costs over the past two years are not surprising, because.... Interest rates have started to edge upwards. Prices (home values) have started to edge upwards. As a buyer, you still have a great opportunity to lock in some relatively low monthly costs of homeownership -- and there is some value in acting sooner rather than later, as these costs are likely to continue to increase over the next few years. Here's the data behind the graph.... A few notes.... Analysis assumes 80% Financing at Average 30-Year Mortgage Interest Rate Payments includes estimate for insurance, and taxes at Harrisonburg's current rate ($0.69/$100) Receive Updates by Email Recent Articles: There Are Plenty Of Types Of Houses That Exist That Just Are Not Available To Purchase Home Sales By Price Range In The City Of Harrisonburg Are You Compromising On Aspects Of Your Next Home That You Can Or Cannot Change Later? How Much Slower Are The Winter Months In Our Local Housing Market? Rockingham County and New Home Sales Drive Surge in Area Housing Market Find The Balance Between Optimistic And Realistic Home Pricing Room Size Is Difficult To Understand Solely From Real Estate Photos How Much Would You Value Not Having To Prepare Your Home For Showings? One Out Of Four Homes Is Taking Longer Than A Month To Sell Consider The Cost Of Your Planned Renovations When Planning Your Offer
Have any questions? Contact Scott Rogers at 540-578-0102 or scott@funkhousergroup.com
Based on information from the Harrisonburg-Rockingham Association of REALTORS® or its MLS, for the period Jan 1, 2000 through Nov 22, 2024 (unless otherwise noted).
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