SOMEHOW: My rent amount is looking better and better. Unreal.
I feel like such a lucky winner reading that. My mortgage is $900, my taxes are $700 and my insurance is like $90 a month. We bought in 2011, 30 years at 4%, but refinanced in early 2022, 15 years at 2.25%. Essentially the same payment, but shaved a few years off. Plus the house is worth about double what we paid for it.
Interesting, but misses a huge part of the story as they’re only factoring in the cost of the debt (principal and interest). Property taxes introduce so much variation as to reduce the value of this. Same for homeowners insurance.
This is just a calculator of median home sale price and interest rates.
Edit: I guess my point is that I’m assuming a lot of people will misunderstand it. Maybe I’m wrong on this, but I think that when most people use the term “mortgage payment,” they’re including escrow expenses like property tax and homeowners insurance, not just principal and interest.
Beyond that, I guess I don’t find the data presented here to be all that terribly interesting or novel. It would be really fascinating and useful if they had a way of deducing median total monthly house payment. That would tell a fuller picture of housing affordability.
I work in affordable housing and one town near me has unbelievably high property tax rates. People that don’t know that are constantly blown away at how inexpensive homes are in that town, but prices are only so low because they’re depressed due to the high property taxes. That kind of thing comes to mind for me as an illustration of why principal+interest only is rather boring data and not very useful.
Refinanced in 2020 to 2.4% sitting at $1100 a month. I can’t imagine spending more than that!
That is the worst legend i have ever seem
Im guessing whoever made this beautiful chart is probably not making it to the 2nd round of the McKinsey interview.
The median payment on new mortgages basically doubled in the last 3 years. That’s just crazy.
That median is almost thrice what I pay these days ($851).
Man looking at these comments I wish someone would have told me to buy a house when I was 17 in 2010, maybe I wouldnt be trapped renting right now lol.
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SOMEHOW: My rent amount is looking better and better. Unreal.
I feel like such a lucky winner reading that. My mortgage is $900, my taxes are $700 and my insurance is like $90 a month. We bought in 2011, 30 years at 4%, but refinanced in early 2022, 15 years at 2.25%. Essentially the same payment, but shaved a few years off. Plus the house is worth about double what we paid for it.
Interesting, but misses a huge part of the story as they’re only factoring in the cost of the debt (principal and interest). Property taxes introduce so much variation as to reduce the value of this. Same for homeowners insurance.
This is just a calculator of median home sale price and interest rates.
Edit: I guess my point is that I’m assuming a lot of people will misunderstand it. Maybe I’m wrong on this, but I think that when most people use the term “mortgage payment,” they’re including escrow expenses like property tax and homeowners insurance, not just principal and interest.
Beyond that, I guess I don’t find the data presented here to be all that terribly interesting or novel. It would be really fascinating and useful if they had a way of deducing median total monthly house payment. That would tell a fuller picture of housing affordability.
I work in affordable housing and one town near me has unbelievably high property tax rates. People that don’t know that are constantly blown away at how inexpensive homes are in that town, but prices are only so low because they’re depressed due to the high property taxes. That kind of thing comes to mind for me as an illustration of why principal+interest only is rather boring data and not very useful.
Refinanced in 2020 to 2.4% sitting at $1100 a month. I can’t imagine spending more than that!
That is the worst legend i have ever seem
Im guessing whoever made this beautiful chart is probably not making it to the 2nd round of the McKinsey interview.
The median payment on new mortgages basically doubled in the last 3 years. That’s just crazy.
That median is almost thrice what I pay these days ($851).
Man looking at these comments I wish someone would have told me to buy a house when I was 17 in 2010, maybe I wouldnt be trapped renting right now lol.