Great news! Quite the opposite is true. Though homes have no doubt increased in value, they are more affordable than ever before. Here are some numbers to consider, especially if you intend to finance a single family home.
According to NAR’s quarterly housing affordability index:
- 2018, the median sales price for a home was $261,600. At a 4.72% interest rate the principal & interest payment was $1,088/monthly, representing 17.1% of the monthly median family income.
- 2019, the median sales price for a home was $274,600. At a 4.04% interest rate the principal & interest payment was $1,054/monthly, representing 15.7% of the monthly median family income.
- 2020, the median sales price for a home was $315,900. At a 2.81% interest rate the principal & interest payment was $1,040/monthly, representing 14.8% of the monthly median family income.
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As of June 2021, the national median home sales price stood at $363,300 & interest rates continue to hover right around 3% today.
As you can see, investing in a home and locking in that low interest rate is a smart financial decision. Give me a call today so we can explore your equity opportunities and help you build passive wealth through real estate.
Call us today for more information and to assess if now is a good time for you to buy OR sell. You can also schedule an in-person or virtual appointment with one of our agents here.
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