Wow. The monthly cost of a median priced home has jumped quite a bit in 2022! This is related to a variety of changes between 2021 and 2022...
[1] The median sales price increased from $270,000 to $296,500.
[2] The average mortgage interest rate increased from 2.96% to 4.27%.
[3] The City real estate tax rate increased from $0.90 to $0.93.
All of these factors, combined, resulted in a rather significant increase in the monthly cost of a median priced home in our local market.
Of note -- the interest rate used for the 2022 calculation above is 4.27%, which is the average rate for all of 2022, though the current rate (5.25%) is quite a bit higher than the average thus far in 2022.
Recent Articles:
