Monthly Housing Cost For Median Priced Home Climbs


Monthly Housing Cost For Median Priced Home Climbs
By Scott Rogers • October 15, 2018
It costs more now than it did a few years ago to buy a home in Harrisonburg and Rockingham County, which should come as no surprise since... median sales prices are rising mortgage interest rates are rising real estate tax rates are rising The analysis above shows the combination of all of these factors -- the cost of a mortgage payment (principal, interest, taxes, insurance) based on a buyer financing 80% of a median priced home at the prevailing mortgage interest rate at the time, and with the prevailing real estate tax rate. We have now climbed above $1,000 per month on this metric -- which is the first time we've seen this since 2006 - 2008. Over the next few years, it seems likely we will see a continuation of this trend, as sales prices and mortgage interest rates are both likely to continue to slowly increase. 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 21, 2024 (unless otherwise noted).
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