With very high, and constantly growing high loan interest rates buying a home, and a car in 2023 just basically sucks! Regardless of most working people's situation, we’re in a since back in the 2006 housing market territory where all homes across the United States of America (USA) were overpriced! Now back in 2020, the average cost of a home was 390k. Now in 2023, the average cost of a home in the USA is 535k. And when one thinks about the average salary within the USA is 54k a year. When doing the math of the average salaries, and home prices within the USA. The average monthly mortgage payments, in 2023 stem from 2000k to 2500k. Before taxes, the bi-weekly salary of a 54,000-a-year worker is 2,077$. In today's world when one thinks about the cost of childcare, food, utilities, cars, student loans along with high-interest rates etc.
Below are the home interest rates as of February 6, 2023:
30-year fixed-rate
6.361%
6.468%
20-year fixed-rate
5.835%
5.987%
15-year fixed-rate
5.355%
5.530%
10-year fixed-rate
5.311%
5.554%
Please bear in mind that a thirty-year mortgage having a 6% interest rate helps have lower mortgage monthly payments, but consumers will pay more interest meaning paying more for the property in itself all at the same time. So for all of every day 9 to 5 working people, if one does not make 100k, with the prospects of increasing one’s income, savings, and assets, then they shouldn’t purchase a home. Now, if today's current 30K to 60k salary earners do not mind having roommates in order to help curve the current monthly mortgage rates across the USA. But if prospective real estate customers are not interested in having roommates for at least the next two to three years in order to help curve the high cost of living.
Remember if you’re in the market within the DMV area, or Pennsylvania buy a home, sell your home, need a real estate wholesaler for distressed properties, or if you’re a real estate investor please contact Patterson L. Properties LLC. We’re always willing to help. Please subcribe to our YouTube Channel, for great real estate content: https://www.youtube.com/@pattersonl.propertiesllc.7718
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