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It’s no secret that the housing market is tough for homebuyers, and now a new study suggests it could be even tougher.
According to a new report from Redfin, American buyers will have to earn 45% more than last year to buy a “typical” home. So how can homeowners lower their monthly mortgage payments?
According to a report by Redfin, a homebuyer in the US needs to earn $107,000 a year to cover the average monthly mortgage payment. This is a 45% increase from last year.
A typical mortgage costs about $2,600. The average 30-year fixed-rate mortgage is $2,682 per month.
And while home prices are cheap in some areas of the country, the median sales price is higher than it was a year ago. This means higher mortgages for those looking to own their first home.
So what can you do? Experts say there are many ways to lower your monthly home deductible.
A bigger down payment means a smaller mortgage and lower monthly payments. If you don’t have the money, you can get a variable-rate mortgage.
An adjustable rate loan offers a lower initial interest rate before adjusting later to the market. Ultimately, housing experts say you should choose the option that works for you.
Reference Source: WCNC
