{"id":19432,"date":"2021-09-22T13:55:36","date_gmt":"2021-09-22T13:55:36","guid":{"rendered":"http:\/\/www.anthonydidonato.net\/wordpress\/?p=19432"},"modified":"2021-09-22T13:55:36","modified_gmt":"2021-09-22T13:55:36","slug":"buyers-arent-breaking-the-bank-to-afford-home-prices","status":"publish","type":"post","link":"https:\/\/www.anthonydidonato.net\/wordpress\/buyers-arent-breaking-the-bank-to-afford-home-prices\/","title":{"rendered":"Buyers Aren\u2019t Breaking the Bank to Afford Home Prices"},"content":{"rendered":"

Buyers Aren\u2019t Breaking the Bank to Afford Home Prices<\/h1>\n

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Home prices have been posting double-digit annual increases. Bidding wars have quickly run up prices above list price. But for the most part, home buyers have not taken on more than they can afford.<\/p>\n

Americans devote about 21% of their household income toward their monthly mortgage payments, according to a recent report from realtor.com\u00ae. That is higher than the monthly average of 19.6% seen over the last decade. But it is below the percentage of household income seen in 25.3% in August 2008, which led up to a housing crisis and the Great Recession.<\/p>\n

Buyers today are in better financial shape than they were in 2008, the report said. They earn more money and have higher credit scores. That has allowed them to weather the higher prices: The median existing-home price for all housing types was $359,900 in July, nearly an 18% increase from a year ago, according to data from the National Association of REALTORS\u00ae.<\/p>\n

\u201cThe key player in keeping payments reasonable is [mortgage] interest rates,\u201d said Jiayi Xu, a realtor.com\u00ae economist. \u201cA lower interest rate can increase buyers\u2019 budgets and make monthly payments lower.\u201d<\/p>\n

Mortgage rates have been near historical lows for more than a year. The 30-year fixed-rate mortgage averaged 2.86% last week<\/a>, Freddie Mac reported.<\/p>\n

But mortgage rates are expected to rise. NAR is forecasting 30-year rates to rise to 3.5% by mid-2022.<\/p>\n

Aside from rising mortgage rates, \u201cif home prices were to keep accelerating by the double digits, that could also be trouble,\u201d realtor.com\u00ae said. \u201cSale prices would need to rise 16.6% to see buyers spending as much of their income on housing as they did in 2008 the housing bubble. This assumes that down payments, mortgage rates, and incomes stay the same.\u201d<\/p>\n

If mortgage rates inch up just one-half of a percentage point, more consumers would be spending about 23.9% on housing. But that estimate assumes home prices stay steady from May, realtor.com\u00ae researchers said. However, mortgage rates would need to hit\u00a04.2% for 30-year fixed-rate loans to\u00a0surpass\u00a0the 2008\u00a0record, researchers reported.<\/p>\n

Still, \u201conce interest rate increases a little bit, mortgage payments will increase a lot,\u201d Xu said.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n

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Source:<\/div>\n
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\u201cDespite Sky-High Prices, Today\u2019s Homebuyers Aren\u2019t Paying More Than They Can Afford<\/a>,\u201d realtor.com\u00ae (Sept. 16, 2021)<\/div>\n
\u00a9National Association of REALTORS\u00ae
\nReprinted with permission<\/span><\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Buyers Aren\u2019t Breaking the Bank to Afford Home Prices   Home prices have been posting double-digit annual increases. Bidding wars have quickly run up prices above list price. But for the most part, home buyers have not taken on more than they can afford. Americans devote about 21% of their household income toward their monthly … <\/p>\n

Continue reading<\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[16,8],"tags":[5,32,4,9],"class_list":["post-19432","post","type-post","status-publish","format-standard","hentry","category-news","category-real-estate-tips","tag-anthony-didonato","tag-news","tag-real-estate","tag-tips","item-wrap"],"yoast_head":"\nBuyers Aren\u2019t Breaking the Bank to Afford Home Prices - Real Estate Agent and Sales in PA - Anthony DiDonato Broomall, Media, Delaware County and surrounding areas in Pennsylvania<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.anthonydidonato.net\/wordpress\/buyers-arent-breaking-the-bank-to-afford-home-prices\/\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/buyers-arent-breaking-the-bank-to-afford-home-prices\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/buyers-arent-breaking-the-bank-to-afford-home-prices\\\/\"},\"author\":{\"name\":\"admin\",\"@id\":\"http:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/#\\\/schema\\\/person\\\/964792b6994e8cc4cbddc36ad4824908\"},\"headline\":\"Buyers Aren\u2019t Breaking the Bank to Afford Home Prices\",\"datePublished\":\"2021-09-22T13:55:36+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/buyers-arent-breaking-the-bank-to-afford-home-prices\\\/\"},\"wordCount\":392,\"publisher\":{\"@id\":\"http:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/#\\\/schema\\\/person\\\/964792b6994e8cc4cbddc36ad4824908\"},\"keywords\":[\"Anthony DiDonato\",\"News\",\"Real Estate\",\"tips\"],\"articleSection\":[\"News\",\"Real Estate Tips\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/buyers-arent-breaking-the-bank-to-afford-home-prices\\\/\",\"url\":\"https:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/buyers-arent-breaking-the-bank-to-afford-home-prices\\\/\",\"name\":\"Buyers Aren\u2019t Breaking the Bank to Afford Home Prices - 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