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Posted by
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Monthly mortgage payment based on a median existing home is now at a record $2,322
Posted by stout
on 8/24/23 at 8:58 am
31
17quote:
The monthly mortgage payment based on a median existing home is now at a record $2,322/month.
This is double the $1,200 peak seen in 2008.
Keep in mind, $2,322/month does not include taxes, insurance or any other costs associated with buying a home.
If you add in taxes and insurance, the median is nearly $3,000/month.
That's $36,000/yr or 51% of the median household PRE-TAX income.
On a post tax basis, the median new homebuyer is spending close to 70% of their income on monthly payments.
Buying a home is now a luxury.
LINK
... re: Monthly mortgage payment based on a median existing home is now at a record $2,322Posted by Honest Tune 
on 8/24/23 at 8:59 am to stout
on 8/24/23 at 8:59 am to stout“You will own nothing and like it”
re: Monthly mortgage payment based on a median existing home is now at a record $2,322Posted by lsupride87 
on 8/24/23 at 8:59 am to stout
on 8/24/23 at 8:59 am to stoutOld people and Roger
“Stop complaining. Everyone has gone through this”
While completely ignoring all data in thread
“Stop complaining. Everyone has gone through this”
While completely ignoring all data in thread
re: Monthly mortgage payment based on a median existing home is now at a record $2,322Posted by lsupride87 on 8/24/23 at 9:00 am to BabyTac
on 8/24/23 at 9:00 am to BabyTacquote:The democrats dream for future America
Can’t afford it, don’t buy it. That simple.
Government owned everything “leased” back to the people
re: Monthly mortgage payment based on a median existing home is now at a record $2,322Posted by CrimsonTideMD 
on 8/24/23 at 9:01 am to stout
on 8/24/23 at 9:01 am to stout This is fine
Everything is fine
re: Monthly mortgage payment based on a median existing home is now at a record $2,322Posted by stout on 8/24/23 at 9:02 am to lsupride87
on 8/24/23 at 9:02 am to lsupride87quote:
The democrats dream for future America
Government owned everything “leased” back to the people
Yep. Owning a home is still the greatest wealth builder for the middle class. If you don't want a middle class then wipe out the tool of home ownership.
re: Monthly mortgage payment based on a median existing home is now at a record $2,322Posted by jpainter6174 
on 8/24/23 at 9:02 am to BabyTac
on 8/24/23 at 9:02 am to BabyTacquote:
Can’t afford it, don’t buy it. That simple.
While I agree with this in general, basic cookie cutter starter homes costing over 300K for 1500Sqft is absurd.
This post was edited on 8/24 at 9:06 am
re: Monthly mortgage payment based on a median existing home is now at a record $2,322Posted by JohnnyKilroy 
on 8/24/23 at 9:02 am to lsupride87
on 8/24/23 at 9:02 am to lsupride87quote:
Old people and Roger
“Stop complaining. Everyone has gone through this”
While completely ignoring all data in thread
"This country is about one more dem administration from being permanently destroyed if it's not already. The USA is a sinking ship and there's no turning it around. We had a good run for awhile"
"Things have never been better and all you young people do is complain. What I would do to have all the opportunities yall have when I was growing up. Everything was a lot harder then and the economy was wayyyy worse"
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re: Monthly mortgage payment based on a median existing home is now at a record $2,322Posted by lsupride87 on 8/24/23 at 9:03 am to stout
on 8/24/23 at 9:03 am to stoutAs someone who is 36, I am fine because I had the opportunity thank god to buy before this mess
I truly feel for those that are younger as they are 100% screwed. They are going to grow up in a completely different/worse situation in building wealth than any American before them
I truly feel for those that are younger as they are 100% screwed. They are going to grow up in a completely different/worse situation in building wealth than any American before them
re: Monthly mortgage payment based on a median existing home is now at a record $2,322Posted by lsupride87 on 8/24/23 at 9:04 am to JohnnyKilroy
on 8/24/23 at 9:04 am to JohnnyKilroyquote:Its an amazing logic pretzel isn’t it?
"This country is about one more dem administration from being permanently destroyed if it's not already. The USA is a sinking ship and there's no turning it around. We had a good run for awhile" "Things have never been better and all you young people do is complain. What I would do to have all the opportunities yall have when I was growing up. Everything was a lot harder then and the economy was wayyyy worse"
re: Monthly mortgage payment based on a median existing home is now at a record $2,322Posted by Thib-a-doe Tiger on 8/24/23 at 9:04 am to stout
on 8/24/23 at 9:04 am to stoutI'm $1,000 under the escrowed mortgage number, and my house is above the median value of homes in the US.
How dumb are people?
ETA: and I pay inflated home insurance because of my proximity to the gulf.
How dumb are people?
ETA: and I pay inflated home insurance because of my proximity to the gulf.
This post was edited on 8/24 at 9:07 am
quote:
Can’t afford it, don’t buy it. That simple.
My house was very affordable for me until my homeowners insurance left the state & the cheapest policy I could get increased my mortgage payment by $500/month
ETA: I can still afford it but it’s taken a dent in my budget for sure.
This post was edited on 8/24 at 9:06 am
genuinely feel terrible for young people just entering the housing market
choices are either rent or be house poor
I'm having to seriously start considering setting money aside for my kids that is solely for help with housing
choices are either rent or be house poor
I'm having to seriously start considering setting money aside for my kids that is solely for help with housing
re: Monthly mortgage payment based on a median existing home is now at a record $2,322Posted by 777Tiger on 8/24/23 at 9:06 am to lsupride87
on 8/24/23 at 9:06 am to lsupride87quote:
They are going to grow up in a completely different/worse situation in building wealth than any American before them
only if they are whiny dumbasses that refuse to take the bull by the horns and go for it instead of blaming everyone else for what they're being told is a hopeless future
I’m looking at $4,500 a month after taxes when I move to Houston. Increase my mortgage I have in Baton Rouge by around $2000 a month.
This post was edited on 8/24 at 9:07 am
re: Monthly mortgage payment based on a median existing home is now at a record $2,322Posted by Bayou_Tiger_225 on 8/24/23 at 9:06 am to 777Tiger
on 8/24/23 at 9:06 am to 777Tigerquote:Par for the course with you
777Tiger
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