Higher mortgage rates and rising home prices are making housing more expensive for homeowners this year compared to last year. In San Jose, Calif., for example, the average homeowner is paying $500 more for monthly mortgage payments than a year ago, jumping from $4,100 to $4,600, according to a new analysis by Bloomberg.
In nearly one-third of metro areas, buyers paid an average $50 hike in monthly mortgage payments in the first quarter of the year. The cities seeing the fastest increases in mortgage payments, according to the Bloomberg study, are:
- San Francisco
- Seattle
- Portland, Ore.
- Jacksonville, Fla.
- Bridgeport-Stamford-Norwalk, Conn.
Source:
“Americans Burdened by Increasing Housing Costs, Slow Wage Gains,” Bloomberg (July 12, 2018)