Median home list prices have been hitting a record pace—topping a $300,000 average in the United States, according to realtor.com® data. The rise in mortgage prices has come with a higher median cost for home loans, which is up nearly 20% to $229,000, over the past five years.
Wage growth hasn’t kept the pace with higher housing costs. Household incomes have only risen 10% in comparison.
However, realtor.com® researchers were still able to find several U.S. markets where around half of borrowers are getting mortgages with payments under $1,000 a month or less on a 30-year fixed-rate loan…….Read More